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Ant Financial Services Group, the financial affiliate of Alibaba Group Holding Ltd, backed ZhongAn and Qudian, while PPDAI has stakeholders like Sequoia Capital, Lightspeed China Partners and Legend Capital.
Ant Financial is expanding its interests outside of China, including the US. It met with a setback early this month as its plan to acquire the US moneytransfer service MoneyGram was blocked by the US government over national security concerns.
Apart from many developed countries' efforts to prevent a recession, the weak goods demand across the globe and the appreciation of the renminbi will create obstacles for Chinese manufacturers in shipping their products in the second half of this year, he added.
Annual sales in the world's largest auto market amounted to 22.4 million in 2018, down 5.8 percent year-on-year, the first annual decline in more than 20 years.
Another factor defending Chinese stocks from foreign bourse contagion was that investors have become accustomed to the market volatility in the United States, Hong said.
