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Tang Ning, Chairman of Yiren Digital, a Chinese digital lending platform, has been detained by Beijing police.
Beijing police announced the detention of Tang Ning, chairman of Yiren Digital, a Chinese digital lending platform listed on the U.S. stock market. This follows the failure of two related investment platforms under Yiren Digital to repay mainland investors for over four months. Police have launched a criminal investigation into alleged illegal activities by companies related to CreditEase. CreditEase announced on Sunday that its two asset management platforms had experienced "significant defaults" on fixed-income products and had fully suspended repayments on May 22.
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