HONG KONG, Jan. 14, 2016 /PRNewswire/ -- Zuoli Kechuang Micro-finance Company Limited ("Zuoli Micro-finance" or the "Company"; SEHK stock code: 6866), the largest licensed microfinance company in Zhejiang*, is pleased to announce that in order to actively respond to China's "Internet Plus" development strategy and Premier Li Keqiang's call for favoring "mass entrepreneurship and innovation", and at the same time fulfill the Financial Work Office of the People's Government of Zhejiang Province's request for microfinance companies to have small amount of loans for diverse customers to support agriculture and microfinance, the Company will have strategic cooperation with financial big data services platform "Yuanbaopu" and establish an exclusive partnership in Zhejiang Province, Jiangsu Province and Shanghai to focus on microfinance credit loan business.
Zuoli Micro-finance was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on 13 January 2015. On 13 April 2015, the Company obtained approval from the Financial Work Office of the People's Government of Zhejiang Province to grant loans not exceeding RMB500,000 to any of online retailers nationwide, with an annualized interest rate not exceeding 15%. Loans to online retailers in aggregate shall represent not more than 30% of the Company's funding available for the granting of loans. This has opened up a channel for Zuoli Micro-finance's provision of loan services to nationwide online retailers.
Yuanbaopu is a leading financial big data services platform in China, providing customized financial data solutions for financial institutions and comprehensive financial services covering financing, settlement, financial management and payment for microfinance companies. Its core businesses have expanded to a number of sectors including hotels, logistics, e-commerce, catering and retail, etc.
Zuoli Micro-finance's Internet finance business has been showing gradual growth since its initial cooperation with Yuanbaopu. As of 31 December 2015, the Company had provided loan services to more than 1,100 e-commerce customers.
Mr. Yu Yin, Chairman of Zuoli Micro-finance said, "The partnership signifies Zuoli Micro-finance's in-depth cooperation with Yuanbaopu in Internet finance and other loan businesses. It also demonstrates our focus on microfinance business leveraging the Internet platform, advanced information technology and risk control model to provide customers with credit-based products and services, with advantages of shortening processes and reducing costs. This enables us to solve financing problems for our customers more efficiently, allow customers to enjoy more convenience and expedite the development of our Internet finance business. Credit equals wealth, Zuoli Micro-finance has been keeping good control of overdue loan ratio, and our microfinance business will continue to help the Company maintain a relatively low risk level for our overall loan businesses."
* In terms of registered capital as of 30 June 2015
About Zuoli Micro-finance
Zuoli Micro-finance is the largest licensed microfinance company in Zhejiang with a market share of more than 50% in Deqing County, Huzhou, Zhejiang. The Company is dedicated to serving customers in Deqing by providing financing solutions with flexible terms through quick and comprehensive loan assessment and approval processes.
The Company was listed on the Main Board of The Stock Exchange of Hong Kong Limited on 13 January 2015, becoming the first listed microfinance company in Zhejiang and the first H-shares listed microfinance company in China. The Company was awarded Level A Plus Outstanding Microfinance Company of Zhejiang in 2014 (the highest level) by the Financial Work Office of the People's Government of Zhejiang Province, and was accredited as an "Outstanding Financial Institution in Pioneering Reforms in 2014" by the People's Government of Zhejiang Province.
About Yuanbaopu
Yuanbaopu is a leading financial big data services platform in China, providing customized financial data solutions for financial institutions and comprehensive financial services covering financing, settlement, financial management and payment for microfinance companies. The company has more than 300 employees, of which about half are specialists in information technology and research and development from leading overseas universities or renowned companies.
With advanced big data technology and risk control model, Yuanbaopu provides credit loan services for microfinance companies through exploring commercial value of big data. Its core businesses have expanded to a number of sectors including hotels, logistics, e-commerce, catering and retail, etc. Looking forward, Yuanbaopu will adhere to innovation and promote big data finance, smart finance and financial inclusion to benefit the 50 million microfinance companies in China.