The latest dive in the stock price of China online lender Qudian at the New York Stock Exchange has knocked CEO Luo Min from the ranks of the world’s billionaires. Qudian lost 24.3% on Friday to end at $12.22, the worst close since it listed at $24 on Oct. 18. Shares in Qudian, which is 11% owned by Alibaba Group affiliate Ant Financial, and other Chinese online lenders have been falling on reports that regulators plan to tighten restrictions on microlenders. On Friday, Qudian said it would cap charges and costs to customers linked to Alipay at an annual interest rate of 24% (see announcement and details here). Among other China online lenders traded in the U.S., Jianpu Technology fell 15%, China Rapid Finance lost 14%, and Yirendai declined 10% on Friday.

Source: Forbes November 27, 2017 03:45 UTC