Miniu first company to exit margin lending

Shanghai

MINIU98.COM, a Chinese P2P company that provides loans to stock investors, has become the first firm to publicly announce an exit from this type of business, in response to regulators' renewed crackdown on grey market margin financing.

China's securities regulator on Sunday warned brokerages not to open their trading systems to firms engaged in illegal businesses, and instructed them to review trades and enforce rules that require the use of real names and national identification numbers.