Chinese law makers suspended regulatory approval for new micro-lenders in the region on Tuesday, as well as restricted new approvals, issuing a notice on the matter yesterday that sent U.S.-listed Chinese stocks tumbling.

The “top tier” government body’s notice told provincial governors to halt approval for new online micro-lenders, according to a report by Reuters. Local officials were also urged to stop approvals for micro-lenders looking to operate across separate regions in China, according to Reuters.

The notice is an attempt to better regulate the rapidly growing online micro-lending industry in China. The industry was lightly regulated until 2016, when the Chinese government started to crack down due to an escalating amount of fraud.

Shares of both Qudian, China Rapid Finance, and China Commercial Credit (all online micro-lenders) went down yesterday. Qudian slumped 20% on the day, before mostly recovering, while China Commercial Credit finished Tuesday down 9%.

China Rapid Finance was the only one to end the day higher, at just over 3%.

Read more at Reuters, CNBC, and South China Morning Post.