Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

U.S.-listed Chinese financial firms dive on regulatory action

Published 11/21/2017, 10:00 AM
© Reuters. Traders work on the floor of the NYSE in New York

(Reuters) - U.S-listed shares of Chinese financial firms sank in early trade on Tuesday after Chinese regulators suspended regulatory approval for online small loan companies.

Sources who had seen the notice from the top level Chinese government body told Reuters that China had urged provincial governments to suspend regulatory approvals for firms and also told local regulators to restrict granting of new approvals.

Shares in online lender Qudian (N:QD), whose shares only debuted last month, sank by as much as 20 percent in early trading.

Shares of China Commercial Credit Inc (O:CCCR) fell 6.4 percent, those in PPDAI Group (N:PPDF) some 17.8 percent. Jianpu Technology (N:JT), which also debuted just this month, fell 9.5 percent and China Rapid Finance (N:XRF) slipped 12.92 percent.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.