The recent challenges with the online lending industry in China have been well documented; the latest company to struggle is Shanghai-based Dianrong, founded by former LendingClub executive Soul Htite; they plan to lay off as many as 2,000 people and also close between 60 to 90 of their physical store locations as the company tries to reduce costs and comply with the Chinese government’s efforts to shrink the industry; the once high flying company was valued at $1.2 in their last funding round and had considered an IPO at one point. Source.
