ChinaNet Online Holdings Announces Microcredit Lending Partnership With Shanghai Pudong Development Bank
May 13 2015 - 7:30AM
ChinaNet Online Holdings, Inc. (Nasdaq:CNET) ("ChinaNet" or the
"Company"), a leading B2B (business to business) Internet
technology company providing online-to-offline (O2O) sales channel
expansion services for small and medium-sized enterprises (SMEs)
and entrepreneurial management and networking services for
entrepreneurs in the People's Republic of China, announced today
that it has entered into a partnership with Shanghai Pudong
Development Bank Co., Ltd (SPD Bank) for a cooperation framework to
launch a credit card and loan microcredit product for small
enterprises and individual entrepreneurs including franchisees and
chain store investors.
A nationwide commercial bank with total assets of over RMB
3.9566 trillion as of September, 2014, SPD Bank and ChinaNet will
cooperate to provide a safe, convenient, and transparent service
for franchise businesses and entrepreneurs to help solve the
difficulties of micro-lending for those often excluded from
financial services. The new product is now in the design and
finalization process, and will be officially launched by the third
quarter of 2015.
ChinaNet will analyze its large data set of customers to help
SPD Bank locate and market to target customers. Small enterprises
and entrepreneurs will apply online from the convenience of home or
office to receive their credit card and micro-loan, without the
need to visit a bank location. The product will be intended to
offer, under the authorization of ChinaNet, an "unsecured and free
mortgage" according to the size of business, with SPD Bank approved
terms and no additional threshold requirements. Recipients will
receive a credit card that must be used in merchant shops for
business related operating costs, and which does not have
permission to be used at other point-of-service (POS) machines. The
credit card and micro-loan is repaid through its own online banking
account at any time to maximize savings on loan interest and reduce
borrowing costs, and can be recycled at the end of the period.
Other details of the product will be released upon official
launch.
"We are excited to be partnering with SPD Bank and hope this new
cooperation will help SME business owners and entrepreneurs create
their own paths to success with more means of financial support,"
said George Chu, Chief Operating Officer of ChinaNet Online
Holdings. "ChinaNet has served a large number of SMEs, and every
year there are at least 100,000 franchisee or chains stores created
by our SME clients based on our estimation. ChinaNet recently
launched our Business Direct 3.0 solutions with Baidu to help
businesses expand their franchise or chain stores through mobile
services and marketing. With this new partnership, we now have the
ability to add microcredit to our growing list of services to help
businesses reach their potential."
About Shanghai Pudong Development Bank Co.,
Ltd
A nationwide joint-stock commercial bank founded in 1992,
Shanghai Pudong Development Bank (SPD Bank) listed on the Shanghai
Stock Exchange in 1999 (stock code: 600000). At present, SPD Bank's
registered capital stands at RMB 18.653 billion yuan. SPD Bank has
earned respect and an excellent reputation in the domestic stock
market because of its outstanding performance and trustworthiness.
With its motto of "preserving integrity and striving for
excellence", SPD Bank has continuously developed its various
businesses and enhanced its overall competence. As of September,
2014, its total assets stood at RMB 3.9566 trillion, outstanding
loans were RMB 1.9717 trillion, outstanding deposits stood at RMB
2.6886 trillion, and its net profit attributable to shareholders
had reached RMB 34.8 billion. SPD is now a nationwide commercial
bank with 40 branches and over 991 outlets across China, with over
39,000 employees.
About ChinaNet Online Holdings, Inc.
The Company, a parent company of ChinaNet Online Media Group
Ltd., incorporated in the BVI ("ChinaNet"), is a leading digital
B2B (business to business) Internet technology company focusing on
providing O2O sales channel expansion service for small and
medium-sized enterprises (SMEs) and entrepreneurial management and
networking service for entrepreneurs in China. The Company, through
certain contractual arrangements with operating companies in the
PRC, provides Internet advertising and other services for Chinese
SMEs via its portal websites, 28.com, Liansuo.com and Chuangye.com,
TV commercials and program production via China-Net TV, and
in-house LCD advertising on banking kiosks targeting Chinese
banking patrons. Website: http://www.chinanet-online.com.
Safe Harbor
This release contains certain "forward-looking statements"
relating to the business of ChinaNet Online Holdings, Inc., which
can be identified by the use of forward-looking terminology such as
"believes," "expects," "anticipates," "estimates" or similar
expressions. Such forward-looking statements involve known and
unknown risks and uncertainties, including business uncertainties
relating to government regulation of our industry, market demand,
reliance on key personnel, future capital requirements, competition
in general and other factors that may cause actual results to be
materially different from those described herein as anticipated,
believed, estimated or expected. Certain of these risks and
uncertainties are or will be described in greater detail in our
filings with the Securities and Exchange Commission. These
forward-looking statements are based on ChinaNet's current
expectations and beliefs concerning future developments and their
potential effects on the Company. There can be no assurance that
future developments affecting ChinaNet will be those anticipated by
ChinaNet. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond the control of the
Company) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by such forward-looking statements. ChinaNet undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
CONTACT: MZ North America
Ted Haberfield, President
Direct: +1-760-755-2716
Email: thaberfield@mzgroup.us
Web: www.mzgroup.us
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