JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Investment Advisors

Qudian (NYSE: QD) IPO: Payday Loan Company Shadowed by Ant Financial

IPO Coverage - PPDAI Group Inc (NYSE: PPDF) - Achilles' Heel of P2P Lending

China’s P2P New Loan Origination Plummeted in Q1 2018

Investment Advisors, JL Warren Capital

Junheng Li

Thematic (Sector/Industry)

China Financials / Thematic (Sector/Industry)

<p>In April, P2P industry transacted 194 billion RMB in new loan originations, representing a 12% decline year-over-year. The total P2P loan balance was 981 Bn RMB (~156 Bn USD), down 5% yoy.   Through 4M 2018 cumulatively, China’s P2P industry transacted 816 billion RMB in total new loans, representing a 0 % growth yoy.  (Exhibit 1)</p>

In April, P2P industry transacted 194 billion RMB in new loan originations, representing a 12% decline year-over-year. The total P2P loan balance was 981 Bn RMB (~156 Bn USD), down 5% yoy.   Through 4M 2018 cumulatively, China’s P2P industry transacted 816 billion RMB in total new loans, representing a 0 % growth yoy.  (Exhibit 1)

4M 2018 China P2P Industry Review:  YRD, PPDF and HX