A web platform that tracks peer to peer lending in China has stated that September was another record month for online lenders. According to a report in the ShanghaiDaily, P2P transactions hit 115.2 billion RMB ($18.1 billion USD) last month. Online Lending House stated monthly transactions jumped 4.4X from year prior as the internet finance sector neared one trillion RMB at 978.7 billion (over $154 billion).
The same report indicated that three lending platforms “confirmed fundraising or acquisitions worth 100 million yuan” during the month of September.
On the other side of the business, it was reported that six peer to peer lending platforms were raided by authorities in Shenzen.
New guidelines were announced by government officials during the summer months – with further announcements expected this fall. Many industry followers believe that some platforms to merge, alter operations or just go away.