Over the past few weeks, the share price can't seem to catch a bid from anywhere. Notably, the unnamed Fund has already dumped nearly ALL of its shares at higher prices. However, to keep this in perspective, even at $20, the shares are still up dramatically from the $3 lows in 2016. As I will show below, China's securities regulators have deliberately made it much tougher for P2P players to IPO in China. They are seeking to protect Chinese investors. As a result, these P2P players simply turn to the US capital markets to raise money via IPOs.