Reuters exclusively reports Ping An-backed Lufax to ditch P2P lending on regulatory woes

Reuters reported exclusively that Lufax, one of China’s largest online wealth management platforms, backed by financial giant Ping An Insurance, plans to exit its once-core peer-to-peer lending (P2P) business. The move by Lufax to exit P2P, in which companies gather funds from retail investors and loan the money to small corporate and individual borrowers, is due to regulatory hurdles and comes amid China’s crackdown on the business to contain broader financial risks.