News this week: Earlier this week, Beijing-based B2B media company HC International
announced the formation of a joint venture (JV) with another Hong Kong-listed
company, Digital China,
to provide micro-credit internet financing services.
Subject to the approval and the obtaining of necessary
permissions from relevant Chinese authorities, the JV will be 60% owned by
Digital China and 40% by HC International. The JV will have a total registered
capital of 1 billion yuan (US$164 million).
HC’s e-commerce competitor in China, Alibaba
Group, obtained its license to provide small business loans to companies on
mainland China in April 2010.
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