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Made-in-China subway cars headed to Boston

The first batch of subway trains produced in China for the US rolled off the production line on Monday, and they will be exported to Boston soon, according to domestic news site thepaper.cn.

The trains, which are designed and produced by CRRC Changchun Railway Vehicles Co, are expected to arrive in the US in December. They will replace 40-year-old local subway trains.

They are also the first batch of subway trains made in line with US standards, but the Chinese manufacturer holds full intellectual property rights.

The trains can run at up to 102 kilometers per hour, and they have an expected service life of 30 years.

P2P platform PPDAI Group files for US IPO

Chinese peer-to-peer (P2P) lending platform PPDAI Group filed documents for an IPO with the US Securities and Exchange Commission during the weekend, saying that it aims to raise $350 million, domestic financial news site caixin.com reported on Monday.

The company is one of the oldest P2P platforms in China, having been founded in 2007.

It held a C-round of financing in April 2015, and it began making a profit in 2016.

Last year was one of adjustment for China’s P2P industry, according to industry research site qianzhan.com. As of the end of 2016, the number of P2P platforms that were operating normally stood at 2,448, down by 985 compared with the previous year.