Recently, China’s leading lending institution, Yixin Zhuoyue Wealth Investment Management Co., Ltd., announced the initiation of a “smooth exit” for its fixed-income products, ceasing redemptions, which has raised widespread market attention.
According to a report by China News, these days have been particularly tough for many Yixin investors. A investor named Li Yu (pseudonym) from Hefei, Anhui, told the media, “On the afternoon of May 24th, I received a notice from my client manager (regarding the smooth exit of fixed-income products), and the earnings that were supposed to be credited on May 18th were not received.”
Fixed-income products refer to investment products with relatively stable yields, lower risk than stocks but higher than traditional savings, and do not promise principal protection.
From discussions with investors, China News learned that the fixed-income products involved in this exit affected several wealth management platforms under Yixin, including Yiren Youxuan, Toumi, Ruicheng, among others. The day before, when China News tried to access the aforementioned apps, they could not find the relevant investment products for sale.
According to a report by Caijing, Yixin started the smooth exit of fixed-income products on May 22. Currently, the company is consolidating data and expects to announce the exit plan within 4 to 6 weeks after finalizing the plan and reporting to the regulatory authorities, and then proceed to sign agreements with customers one by one.
Up to the time of publication of the Caijing report, Yixin had not publicly disclosed the specific redemption details through official channels. However, rumored redemption rules in the market have sparked investor doubts. According to information circulating among investors, this exit may follow a “net principal priority” redemption principle, with the redemption base calculated by deducting the cumulative distributed earnings from the remaining balance held by investors, which means that historical profit earnings of investors will be excluded, and only the remaining principal will be used as the calculation base for phased redemptions.
The report stated that the deduction of already distributed earnings has sparked controversy among investors. Some investors believe that the retrospective deduction of earnings from completed investment projects is highly unreasonable. Furthermore, some long-term clients of more than 10 years expressed concerns that their accumulated profit amounts are high. Therefore, following the stated rules, there is a high possibility of almost no principal available for redemption.
Another report from Caixin stated that Yixin Wealth announced the initiation of a “smooth exit” for its fixed-income products, stopping redemptions, causing shock in the industry, indicating more than just an institution’s operational plight. The closure of Yixin signifies the collective curtain call for a generation of institutions.
A report by Cailian Press stated that as the former “Chinese P2P first stock,” Yixin transformed into assisting lending and wealth management after a comprehensive withdrawal from the P2P industry in 2020. Its fixed-income products, once known for “15 years without default,” attracted hundreds of thousands of high net worth investors. However, the series of “combination punches” issued by the regulatory authorities against the assisting lending industry and unlicensed Asset Management business since 2025 have redefined the industry’s survival logic.
Upon review, it is noted that from the 2025 regulation cutting invisible charges for assisting loans to the 2026 rules for transparent comprehensive financing costs, Yixin, as a leading company, has been significantly affected. Its performance in the fourth quarter of 2025 showed a near three-year loss, with a 40% decrease in loan volume compared to the previous period, and the stock price has plummeted over 56% since the beginning of this year.
According to public reports, in May 2006, Tang Ning, a graduate of Peking University’s Mathematics Department who had previously worked at an investment bank on Wall Street, founded Yixin company in Beijing. In 2012, the company launched the “Yiren Dai” online lending platform and in December 2015, it went public on the New York Stock Exchange, becoming the “first Chinese P2P stock listed overseas.”
In 2018, due to the comprehensive crackdown by the Chinese Communist Party’s regulatory authorities on the P2P industry, Yixin was forced to shut down its P2P business and began transitioning to assisting lending and wealth management. In 2020, the brand was upgraded to “Yiren Jinko”, further renamed in recent years as “Yiren Zhike,” focusing on building an “AI+multi-scenario” model.
As reported by China News, despite the name changes from Yiren Dai to Yiren Jinko, the company’s primary business remains assisting lending.