Weidai Ltd. announced that it is working on applying for an online microcredit company license in China, in an effort to further diversify its business. Chinese regulators are encouraging marketplace lending platforms to transform into online microcredit companies. In late November 2019, the Head Office for Special Rectification of Online Finance Risk and the Head Office for Special Rectification of Peer-to-Peer Online Lending jointly issued Circular 83, which provides detailed guidelines for the transformation of marketplace lending platforms into online microcredit companies.