Comment on Baidu Has Removed over 800 Peer-to-peer Lending Sites from Search Results, for Further Investigation by P2P Lending Platform Yooli Raises Tens of Millions Dollars in Series B Funding | TechNode

['Tracey Xiang', 'More Tracey Xiang', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2014-04-29 00:00:00

Baidu, the dominant search service in China, said yesterday (April 28) that it had started checking up on peer-to-peer (P2P) lending sites and all of its paid search clients would be temporarily removed from search results for further investigation. The company told a local financial newspaper NBD that more than 800 P2P sites had been removed — It is estimated there are a total of more than 2000 P2P sites in China. Actually a handful of Chinese P2P sites ran away with an estimated RMB700 million (over USD110 mn) in toal in less than half a year. There have been more than 100 P2P sites went bust or absconded. Baidu launched Baidu Caifu, a financial search service in late 2013 that has only introduced selected offerings from conventional financial institutions or newly emerged online financial service providers, such as independent financial search engine Haodai.com, established micro-credit company CreditEase, and Chinese Insurance giant Pingan.