HONG KONG, Nov. 24, 2014 (GLOBE NEWSWIRE) -- Yinfu Gold Corporation ("ELRE") (OTC PINK:ELRE) today announced that it has acquired an internet eCommerce platform.
Liu Jun, ELRE's new CEO, stated, "I am taking the direction of the Company into the internet P2P (Peer-to-Peer) lending space. There is a huge opportunity in the China market and our target is to be one of the premier lending platforms in China within the next twelve months." Overseas examples of this business model are companies such as Lending Tree in USA and Zopa in UK.
ELRE acquired the intellectual property, including its 31 million customer base, from China Enterprise Overseas Investment & Finance Group Limited for US$48 million paid by the issuance of 800 million restricted shares of ELRE. The Company plans to conduct business under the name: Ecommerce Lending Resources Enterprise, "ELRE."
The Company is initiating a two year audit to become current in its reporting status as soon as possible.
Peer-to-peer lending is a way of lending money to individuals, or "peers," without going through a traditional financial intermediary such as a bank or other financial institution. ELRE works to match individual lenders and borrowers online, creating savings for both borrowers and lenders because it's more efficient. Peer-to-peer lending uses the internet to cut the banks out of the process entirely, which offers better rates for everyone.
About Mr. Liu Jun
Mr. Liu is a China eCommerce pioneer and entrepreneur and was the Head of Marketing for Alibaba in the early days of that startup. He studied physics at the Harbin Institute of Technology and is a visiting professor at various Universities and institutes in China and is recognized as a Distinguished Member of the Chinese Academy e-government Experts. In 2009, he won the "China Outstanding Innovative Entrepreneur" award.
Yinfu Gold Corp. "ELRE" is an internet ecommerce platform for Peer-to-Peer "P2P" lending in the China market.
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