As the pace of such fundraising slows, there are signs it will remain sluggish. China’s two exchanges have granted Ant Financial four quotas for ABS sales this year, each with a size of 8 billion yuan. In contrast, most of the quotas granted last year were for 30 billion yuan. That’s all adding to risks of a slowdown for the firm’s lending business. Tech companies can’t take deposits like banks, so the ABS, which are generally sold to institutional investors, give such lenders a way to raise funds.

https://www.bloomberg.com/news/articles/2018-03-28/china-consumer-loan-giant-ant-financial-threatened-by-debt-slump