Core Viewpoint - The P2P industry is currently facing a crisis, with a significant number of platforms shutting down or facing issues, highlighting the need for enhanced regulatory measures and the integration of financial technology to mitigate risks [1][4]. Industry Overview - In June, 17 internet financial platforms ceased operations, and 63 problematic platforms were reported, with additional major platforms encountering issues in July [1]. - The regulatory environment is tightening, with local financial authorities adopting advanced risk management models similar to "Ant Financial's Risk Brain" to enhance oversight [1]. Financial Technology's Role - Financial technology is deemed essential for the effective functioning of internet finance, serving as a necessary "long board" for the industry [2]. - The lack of financial technology capabilities has been identified as a critical factor contributing to the high-risk operations of P2P platforms, which often engage in non-compliant practices [1][4]. Regulatory Enhancements - Strengthening regulatory frameworks and leveraging financial technology can address the critical issue of asymmetry in regulation and industry practices, allowing for more effective oversight [4][5]. - The establishment of the Financial Technology Committee by the People's Bank of China in 2017 emphasized the importance of utilizing technologies like big data and artificial intelligence to enhance regulatory capabilities [4]. Future Development - The integration of financial technology is expected to play a pivotal role in shaping the future development and innovation pathways of the internet finance industry [5]. - Industry giants are positioned to set standards and drive development, with their commitment to open technology potentially benefiting both industry growth and regulatory advancements [5].

Core Viewpoint - Dongguan Intermediate People's Court has announced the commencement of a supplementary fund refund process for victims involved in the fundraising fraud case related to Paisheng Technology Group Co., Ltd. starting from June 13 [1][4] Group 1: Fund Refund Process - The refund targets are confirmed victims whose loss amounts have been verified on the designated platform "TuanDai Net Case Loss Verification and Refund Platform" [4] - The refund process will be conducted online, with the assistance of Agricultural Bank of China Dongguan Branch for fund transfers [4] - This marks the second fund refund announcement for TuanDai Net, with the first announcement made in February 2024 [4] Group 2: Refund Proportions - The refund calculation for victims is based on the remaining principal after deducting all historical earnings; if total withdrawals exceed the total deposits, no refund will be issued [4] - Victims have received approximately 5% in the second round of refunds, while the first round provided a refund rate of 34.3%, totaling around 40% across both rounds [4] Group 3: Comparison with Other Cases - The refund process for P2P cases primarily depends on the recovery of underlying assets; for instance, "e租宝" has also initiated a second round of refunds totaling about 40% [4][6] - Unlike "e租宝," which offers electronic certificates and bank transfers for refunds, TuanDai Net is utilizing bank transfers exclusively without setting up offline refund windows [6] Group 4: Legal Background - As of February 28, 2019, TuanDai Net facilitated a total financing amount of 130.769 billion yuan, with a total borrowing balance of 14.5 billion yuan and 978,218 lenders [6] - In December 2022, Dongguan Intermediate People's Court publicly sentenced Paisheng Technology Group and its key figures for multiple financial crimes, imposing fines totaling 1.61 billion yuan [6]