BEIJING, May 13, 2015 (GLOBE NEWSWIRE) -- 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.
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.