Chinese P2P lender Dianrong has announced its 2016 financial results; loan originations increased 148% from 2015 to approximately RMB 16.23 billion ($2.36 billion) in 2016; the firm's investor base grew to 3.62 million investors; loan loss rates were low overall with a 1.17% cumulative non performing loans rate and 2.46% current non performing loans rate; average interest rate earned by investors was approximately 7%; the firm says new regulations in China have helped large firms with established brands like Dianrong and sees continued growth ahead for the business. Source
The recent challenges with the online lending industry in China have been well documented; the latest company to struggle is...
Chinese online lender Dianrong has reported plans for a merger with Quark Finance; the merger will create a broadened set of credit offerings; Dianrong is known as the "Lending Club of China" and Quark Finance offers a range of financial services for consumers and small business owners. Source
Dianrong has obtained $220 million from a Series D funding round; this latest funding was led by GIC Private Limited (Singapore's sovereign wealth fund), CMIG Leasing, and Simone Investment Managers, among others. Source
Chinese P2P lender Dianrong is looking to implement blockchain across their entire company to enhance transparency and security for their customers; this is in addition to a recently announced partnership with Taiwan-based Foxconn to launch a blockchain startup called Chained Finance; according to CoinDesk Dianrong's blockchain plans are detailed on their website and they explain using an ethereum-based solution designed to facilitate tamper-proof loan contracts, donations to charity and credit management; Dianrong is also rumored to go public sometime in the near future, though IPO talk has been discussed for a few years. Source
Dianrong is a Chinese online lender run by one of the co-founders of Lending Club, Soul Htite; the company is planning an IPO in Hong Kong and could raise $500 million next year. Source
The new partnership aims to increase access to financial services for individuals and small businesses; according to a Chinese press release translated by TechNode, the "credit factory" (in Chinese) model is a business model mainly used for credit certification of small and micro-sized enterprises as well as individuals; loans lent to such groups are small, but are lent at high frequency; the adoption of the "credit factory" mode, thanks to its high efficiency and economies of scale in handling petty loans, can help big financial firms gain some ground lost to the country's mushrooming small loan companies in the microfinance market; an upgrade to the traditional "credit factory", Dianrong-Quark Credit Factory utilizes such fintech means as big data, anti-fraud management systems and decision engine; it can help lenders reduce manual operations, save costs and cut operational risks through its powerful quantitative system when they handle credit certification for individuals or small and micro-sized businesses. Source
Dianrong announced the hiring of former Merrill Lynch and Morgan Stanley banker Yawen Cui as the new CFO; now former CFO Xuxia Kuang has been named chief operating officer; Dianrong CEO Soul Htite praised Mr. Cui: "His extensive experience managing initial public offerings, mergers and acquisitions, and financial reporting will also help Dianrong explore opportunities within the capital markets. We are thrilled to welcome Yawen to our executive leadership team."; Long Hsiang Loh, the previous COO, will remain on the executive leadership team and a new role will be announced soon. Source
Reuters is reporting today that according to an internal memo Dianrong is blaming its current problems on the Chinese government;...
P2P loan originations for Chinese online lender Dianrong more than doubled from 2015 to 2016; the platform reported 2016 originations of 16.2 billion yuan ($2.3 billion) and the firm plans to continue growing its market share as regulations help the success of established P2P lending firms in China; Dianrong's co-founder and co-CEO, Kevin Guo, talked with Reuters about the firm's growth and China's evolving market; says smaller firms will have difficulty staying in business and that Dianrong plans to grow significantly in the near-term with a new funding round and the goal to grow loan originations by 50% annually over the next three to five years. Source