ab 4 December 2025 Global Research China Internet Finance New regulatory cycle, new valuation framework Reshaping our perceptions of regulatory thinking and valuation framework Fintech lenders' share prices slumped by 30%+ since October, on unexpected escalation of regulatory tightening and a broad miss of Q425/ 2026 outlook. To recall, consumer finances companies were asked to cut average loan pricing to <20% (here and here). 'Curbing excessive borrowing' and 'reducing financing cost' are commonly brought ...