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China's debt crackdown hits cash loan providers

Reuters  |  BEIJING 

By Shu Zhang and Elias GlennBEIJING (Reuters) - Executives from Chinese companies specialising in offering consumers small, easy-to-get loans became something of a fixture on Wall Street this year.Led by companies such as Qudian Inc and PPDAI Group Inc, the Chinese micro-lenders raised $1.2 billion with splashy U.S. listings, cashing in on a boom in borrowing by consumers in China with little access to traditional banks.However, the fortunes - and share prices - of the micro-lenders have slumped in the past week as Beijing clamped down on risks in the financial system, zeroing in on the ...

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First Published: Sat, December 02 2017. 11:07 IST