Gao Zhihua, chairman of Yishangtong, was convicted of fund-raising fraud, sentenced to life imprisonment, deprived of political rights for life, and confiscated personal property.

E-commerce P2P online lending has developed into a hot sunrise industry since it was introduced to China in 2007. The pure online lending platform based on credit loans has provided strong financial support for small and micro enterprises and self-employed, and the monthly turnover and effective investors have quickly reached a higher level.