Sequoia-Backed P2P Lender Houbank Collapses As Beijing Mops Up Online Finance Risks

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Houbank, a Chinese online peer-to-peer (P2P) lending platform that counts Sequoia Capital China as a major shareholder, has been put on file for investigation and prosecution of alleged "illegal absorbing public deposits," the municipal public security bureau in Shanghai said in a statement on late Tuesday.

China Money Network

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