Yixin was a huge name in China 10 years ago, especially in the P2P finance space—pretty much everyone had heard of it. (Feel free to look it up.)
I had a classmate who worked there, and the pay was really good.
Tang Ning was a pretty impressive guy. He even had the nickname “the Jack Ma of internet finance.”
I remember Tang Ning’s Yixin taking part in Circle’s Series D funding round back in 2016. Circle is the issuer of USDC.
If they’d held on until now, they could reportedly have made more than 87 times their money.
But sadly, even a financial giant’s skyscraper eventually came crashing down.
In Yixin’s case, the underlying assets in its fixed-income products weren’t generating enough repayments, and the business was suffering heavy losses. In the end, products worth around 30 billion yuan went from having their payouts suspended to being in de facto default. I reckon a lot of people won’t get their money back.
Ah, what a shame.
I had a classmate who worked there, and the pay was really good.
Tang Ning was a pretty impressive guy. He even had the nickname “the Jack Ma of internet finance.”
I remember Tang Ning’s Yixin taking part in Circle’s Series D funding round back in 2016. Circle is the issuer of USDC.
If they’d held on until now, they could reportedly have made more than 87 times their money.
But sadly, even a financial giant’s skyscraper eventually came crashing down.
In Yixin’s case, the underlying assets in its fixed-income products weren’t generating enough repayments, and the business was suffering heavy losses. In the end, products worth around 30 billion yuan went from having their payouts suspended to being in de facto default. I reckon a lot of people won’t get their money back.
Ah, what a shame.