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在线翻译:
szdaily -> News -> 
Founder of lending platform probed over suspected crime
    2021-07-27  08:53    Shenzhen Daily

    FUTIAN police have taken “criminal compulsory measures” against the founder of a large P2P (peer-to-peer) platform over suspected crime, Shenzhen Economic Daily reported, quoting a public notice released by Suna Co. Ltd.

    

    Under China’s Criminal Procedure Law, criminal compulsory measures, which restrict the freedom of the criminal suspect, include arrest, detention, summons, bail pending trial, or residential surveillance.

    

    Suna said it was informed last week by the family of Zhou Shi-ping, the company’s controlling shareholder, that Futian police had taken criminal compulsory measures against him. As the case is still under investigation, the company said it was unable to get specific details about the case.

    

    The company emphasized in the notice that Zhou resigned as the company’s chairman and legal representative in May this year for personal reasons and no longer holds any position in Suna, a publicly listed company. Suna’s current chairperson and general manager is Zhou’s 29-year-old daughter, Zhou Haiyan.

    

    “It is a case that involves only the actual controller of the company and does not constitute a material impact on the company’s daily operations,” Suna says in the notice.

    

    Following the release of the news about Zhou Shiping, Suna’s share price quickly hit daily limit down to 5.45 yuan (US$0.84) Friday, giving the company a market capitalization of some 1.47 billion yuan.

    

    Zhou became Suna’s largest shareholder and actual controller after four other shareholders reduced their holdings and transferred their shares to Zhou.

    

    Zhou, 53, is also well known in the financial industry as founder of Hongling Capital, a large P2P lending platform that was set up in 2008. In 2017, the lender announced its plan to get out of the online loan business within three years, citing a poor track record of people repaying loans. At present, 15.8 billion yuan in loans is yet to be paid back by borrowers, according to the Daily report.

    

    China’s unruly P2P lending industry, which has been plagued by pyramid schemes and other scams, started facing unified regulation in August 2016.

    

    According to the official website of Hongling Capital, Zhou has more than 20 years of securities investment experience. Born in Jiangsu Province in February 1968, he started to focus on China’s stock market and research on the value of listed companies in 1993.

    

    In 1997, he lost almost 3 million yuan in the Asian financial crisis and many relatives and friends turned against him. In 2005, he borrowed money to buy a train ticket to Shenzhen, which later proved to be a “life-changing” decision.

    

    Thanks to the two-year-long bull market, Zhou not only paid off all debts, but also made big profits by the end of 2007.

    

    (Xia Yuanjie)


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