Touna

About Touna

Shenzhen Touna Financial Services Co., Ltd., operating as Touna.cn, was established in November 2013 as a peer-to-peer (P2P) lending platform. The company was founded by Wu Xianyong, who served as CEO. Wu holds a dual master's degree in Economics and Finance from Peking University and Hong Kong University and previously worked in the investment banking division of Shenyin & Wanguo Securities before founding his own investment consulting firm. He was joined by Li Zhigang, also a dual-degree graduate from the same universities, who took on roles including CEO and director.

Touna.cn, whose name translates to "where to invest," aimed to connect individual and business borrowers with investors who had idle funds. The platform's business model centered on providing a comprehensive information service, including information gathering, publication, interaction, and loan matchmaking. Its primary market focus was on automotive-backed loans, offering financing services to both consumers and small and medium-sized enterprises (SMEs) by using vehicles as collateral. Revenue was generated through various service fees charged during the lending process.

The company achieved significant milestones, securing substantial venture capital funding across several rounds. This included a Series A from GF Securities in July 2014, a $24.5 million Series B in May 2015, and a Series C round in December 2017, bringing its total raised capital to approximately $165 million. However, the company's trajectory shifted dramatically with changes in the regulatory landscape for China's P2P lending industry. In January 2020, Touna.cn announced its exit from the P2P business to focus on asset recovery and repayment to its lenders. Subsequently, in October 2021, the Shenzhen police department filed a case against the company for suspected illegal absorption of public deposits, and criminal coercive measures were taken against its shareholders, including Wu Xianyong and Li Zhigang.