Hongling Capital

China's P2P platform Hongling Capital is shutting down; Lend Academy details its business highlights and subsequent shutdown in their article; continued losses, large loans and payment guarantees were a few of the factors that led to its closing; the article also highlights some of the issues with guaranteeing principal or interest and includes Hongling's plans for the future. Source

Hongling Capital Monday had a press conference after the company announced to close its online lending business last week; Hongling Capital will be "upgraded" to Hongling Holding, and the latter will focus on industry finance, investment banking, asset management and wealth management, Hongling Chairman Zhou Shiping said in the press conference. Source (Chinese)