Alibaba.com forms credit loans company in Chongqing

News this week: Hong Kong-listed Alibaba.com has reportedly formed a small loans company in Chongqing as a majority shareholder with a 70% stake with three other companies, namely, Fuxing Group, Yintai Group and Wanxiang Group. The loan company will be capable of granting loans of up to RMB 500,000 (US$77,000) to small and medium firms.

This will be the second credit loans company under Alibaba.com following a similar establishment in Hangzhou in June 2010. The Hangzhou subsidiary has reportedly loaned out US$464 million to about 50,000 Internet firms within the year.

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