Chinese government has clamped down on online micro lending by suspending new issuance of online micro lending licenses, which are required for lenders to offer loans across the country, according to local media. The news sparked sharp declines in the price of shares of several newly listed fintech companies, with PPDai, Jianpu Technology and Qudian plunging 14.1%, 10.81% and 3.83% respectively. A notice put out by China’s Internet Financial Risk Special Rectification Work Leadership Team Office, a regulatory body tasked …

Fintech Shares Plunge As China Suspends Issue Of Online Micro Lending Licenses appeared first on China Money Network.