Edited by Taiwan Lzihi, PureHeart-Yuan and Kenny
The first time I learned about P2P would have been in 2014, and after understanding it, I also started to make some investments in P2P financial products. Since I am a financial professional, I am generally very cautious and careful about risky investments as such. After personally studying the model and operations of many P2P companies, I chose a friend’s P2P company-e Microfinance, which at the time partnered with Huipay World. Because of the influence of the Huipay World and my friend working in its company, I invested a small amount of money with the annual yield higher than 10%.
At the time, what I remember vividly is that many people chose to invest in the long term without any hesitation under the lure of high annual yield. For example, 12 months to 36 months, the longer the period, the higher the interest rate. However, out of prudence and professional habits, in order to control the risk, I only chose a financial product with a one-month term, and the principal and interest must be transferred out once a month. Even then I was half-hearted, because after all, it is run through the Internet. If you don’t understand how P2P companies work, then all the information you get is false and untrustworthy.
At the end of 2014, I discovered the largest online lending platform in China, Red Ridge Ventures. After researching, I felt that this platform was more reliable and had a higher interest rate. Red Ridge Ventures offer a few days of lending and finance program at the time with less risk. Even so, I still strictly transferred the principal and interest once a month, because I knew the risk of this passing game. Until the end of 2016, I found a new investment opportunity, so I withdrew all of my funds and never participated in P2P related investments again, moreover, I also suggested my friends that P2P is too risky, and it is better not to participate.
In fact, looking back now, I am personally still a survivor of the P2P fraud game. E-microfinance site has long been unable to open, and Red Ridge Ventures has had difficulty paying the principal. What about others who invested in P2P around me? One sold his house and used all of his funds to invest in a P2P wealth management company called Wealth Cornerstone. He has been defending his rights for several years and has only just gotten his principal back; one invested 100,000 into Shanlin Wealth and also lost it all.
Under the Chinese Communist Party, there was no law or rule of law. Common sense dictates that financial regulation should be the responsibility of the government, but in a dictatorship, everything is accountable only to superiors. Even if the people are in dire straits, in the eyes of the CCP’s official media (CCTV), the country is still safe and the people are healthy and prosperous. Behind the financial scam is the shadow of power. Only when we change the system, can we speak the truth and have justice in society, so that the crooks will not be allowed to run amok and screw the people.
News Sources ：Gnews