The tide began to turn against the sector as an end-of-June deadline for new stringent registration regulations approached. With a slowing economy making it difficult for some companies to pay back loans, some lenders decided to shut down, analysts said. Investors, already souring on the sector, began pulling out funds, further pinching the lending platforms.

https://www.wsj.com/articles/chinese-investors-reel-as-internet-lenders-close-1532084716?mod=searchresults&page=1&pos=2