Chinese conglomerate the Fosun Group has established an Internet finance arm providing P2P (peer-to-peer) lending and other wealth management products online, according to news articles posted on the new web platform.
The move marks Fosun’s entry into the crowded world of P2P and Internet Finance start-ups in China, where at least dozens of newly established companies have received significant venture financing.
The new unit, named Shanghai Fosunling Co., Ltd., aims to become a comprehensive online marketplace for financing services, including private borrowing and lending, wealth management and investment management.
The new Internet finance arm could also be used by Fosun’s hundreds of business holdings in various sectors, including property, healthcare, entertainment and tourism, as an alternative funding channel.
The new online platform is already live online. Its offerings include an investment product with a 9% annualized return that has a minimum investment of RMB100,000 (US$15,700).