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China tech

China fridge maker sells $200m fintech unit for 30 cents

Homa is latest company to flee peer-to-peer lending amid regulatory crackdown

Guangdong Homa Appliances' foray into fintech did not turn out as well as the Chinese fridge maker had hoped.

HONG KONG -- China's top fridge maker has sold its peer-to-peer lending subsidiary for 2 yuan (30 cents) just two years after paying $200 million for it, becoming the latest company to flee the country's once-heated fintech market amid a crackdown by Beijing.

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