Today was mostly a travel day for the LendIt China tour attendees. We were able to visit the Jimubox office before we headed off to Shanghai. Barry Freeman, Co-Founder of Jimubox and several others from the team talked to us about their business. In just under 2 years, they have already originated over $1 billion worth of loans. Through 45 channel partners, they are able to source loans for all different types of credit needs. One of the most interesting things Barry mentioned was that they operate a very successful secondary market. Notes can be sold at par or discount with 80% of listings being sold in just one day. This differs from the US market where the secondary markets are not nearly as mature for retail investors.
From the Jimubox office, we headed straight to the bullet train to take us to Shanghai. We traveled at speeds over 303km/h (around 185 mph) and reached Shanghai in around 5 hours.
Once we reached Shanghai, Lufax hosted us at a fantastic restaurant where we were able to meet many of their executives. Tomorrow begins the Bund Summit where we will get a chance to meet with several more p2p lenders in China.
Peter Renton (Co-founder, LendIt) and Greg Gibb (Chairman, Lufax)
