PBOC move hits online lender's shares
By Wu Yiyao in Shanghai | China Daily | Updated: 2017-11-23 07:04
Shares of online micro-loan lenders plunged on Wednesday after the People's Bank of China decided on Tuesday to stop issuing licences for new online micro-loan lending services.
Share of Nasdaq-listed Qudian QD lost 3.83 percent to $19.31 on Tuesday, while China Commercial Credit Inc fell 8.8 percent to $3.27. Shares of the New York Stock Exchange-listed PPDAI Group plunged 14 percent to $10.8 on the same day.
The notice, marked as "urgent" and issued by a specific team for regulating internet-based lending from the country's central bank, said that no local regulators should approve any more applications for setting up new online micro-loan lending services.
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