Alibaba.com (1688.HK) with three other shareholders, Fuxing Group, Yintai Group, and Wanxiang Group has formed a small loan company in Liangjiang New Area, Chongqing, to grant loans of up to 500,000 yuan to internet firms in central and western China. Alibaba has a 70-percent stake in the firm while other three shareholders have 10-percent interests.
Alibaba says the loan firm will grant unguaranteed loans to micro, small, and medium firms.
The Shenzhen-based company formed a similar firm in Hangzhou in June 2010. The subsidiary loaned out three billion yuan worth to nearly 50,000 internet firms that year. As of May 2011, its bad debt ratio hit 1.94 percent.
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