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China's Senmiao Technology to exit online lending business

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China's Senmiao Technology to exit online lending business

Senmiao Technology Ltd. said it plans to discontinue and wind down its online lending business amid tightened regulations on online peer-to-peer lending in China.

The company will then shift its focus to automobile financing and transaction business, the company said in an Oct. 21 filing.

Under the exit plan, Senmiao Technology will stop facilitation of loan transactions and assume roughly US$5.6 million of all outstanding loans from lenders on its online platform.

The company expects to use cash generated from its auto business and payments collected from borrowers to fully repay all platform lenders by Dec. 31, 2020, according to the release.