PBOC move hits online lender's shares

Shares of online micro-loan lenders plunged on Wednesday after the People's Bank of China decided on Tuesday to stop issuing licences for new online micro-loan lending services.

Share of Nasdaq-listed Qudian QD lost 3.83 percent to $19.31 on Tuesday, while China Commercial Credit Inc fell 8.8 percent to $3.27. Shares of the New York Stock Exchange-listed PPDAI Group plunged 14 percent to $10.8 on the same day.

The notice, marked as "urgent" and issued by a specific team for regulating internet-based lending from the country's central bank, said that no local regulators should approve any more applications for setting up new online micro-loan lending services.