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Yirendai Ltd. American Depositary Shares each representing two
Yiren Digital (YRD) recently reported its Q3 earnings with revenue slightly ahead of consensus while EPS missed.
The Bottom Line
We have a bearish view on YRD as we question the company’s sustainability amid an increasingly regulatory environment on China’s P2P lenders and the shift from the P2P lending model towards the loan facilitation model.
Given that the regulator discourages P2P lending, the online lenders in China need to convert into loan facilitators that obtain their funding source from licensed financial institutions such as the banks. However, in the case with YRD, only