Qfin gets frostbite as fintech winter intensifies
The fintech loan facilitator’s second-quarter profit plunged as a funding squeeze in the wake of two major sector scandals forced it to scale back its business Key Takeaways: Qfin’s net…
FinVolution finds balance with prudence at home, growth abroad
The credit-tech platform reinforced its China business with improved risk metrics in the second quarter, while turning its overseas business into a more meaningful profit source Key Takeaways: FinVolution’s risk…
Lufax reshuffles board as delisting clock ticks down
Four directors at the Ping An-backed online loan facilitator, including its CFO, resigned as it races to resolve its prolonged Hong Kong trading suspension Key Takeaways: Four Lufax board members…
Citic Bank breezes into China’s insular tobacco sector with new investment
The bank seized on a local government debt crunch to buy a stake in regional lender Hongta Bank, providing a conduit into China's recession-proof cigarette monopoly Key Takeaways: Citic Bank…
Yiren, Qfin swept up in latest fintech lending crackdown
China's latest move against predatory lenders is crippling legitimate loan facilitators like Yiren and Qfin by imposing a strict interest rate cap Key Takeaways: Yiren Digital plunged into the red…
Wealth divide: Banks in China’s poorer regions bear brunt of margin squeeze
The latest annual results from Bank of Gansu and Jiangxi Bank show their margins are getting compressed by high interest payments on their time deposits and falling loan yields Key…
WeLab gets $220 million confidence vote for its digital banking prospects
The Hong Kong-based financier raised the fresh funds from investors including HSBC and Prudential as it seeks to expand in Southeast Asia Key Takeaways: WeLab announced it raised $220 million…
