A regulatory crackdown amid a deleveraging campaign on risky investments led to a collapse of the sector that had thrived in previous years by attracting retail investors with higher-than-usual returns. At one time, there were around 6,000 platforms.
"As long as there is a slim chance of hope, we will work with police and other departments to chase the money back," the regulator chief, Guo Shuqing, told state television in an interview.
($1 = 6.9465 yuan)
(Reporting by Yawen Chen, Cheng Leng and Ryan Woo; Editing by Tom Hogue)
