Why 9F Stock Plunged Below $1 Today

Shares of 9F (NASDAQ: JFU) plunged today, down by 18% as of 2:53 p.m. EDT, after the company reported earnings results for the first half of 2020. 9F said its business continues to be significantly impacted by the COVID-19 pandemic as well as tightening regulatory standards in China. In June, the company disclosed that it was engaged in a legal dispute with PICC Property and Casualty Company, alleging that PICC breached a contractual obligation to pay services fees related to 9F's direct lending program.