adb takes 10pc stake IN CREDIT orienwise group
The Asian Development Bank (ADB) has paid US$10 million for a 10 per cent stake in China's largest privately owned credit guarantee firm, Shenzhen-based Credit Orienwise Group.
The move is seen as a boost for the cash-starved small- and medium-sized enterprises (SMEs) Credit Orienwise works with. The investment is the ADB's first in the mainland credit-guaranteeing sector. It will be used to expand Credit Orienwise's capital base as well upgrade its information technology and internal management systems.
With 1.2 billion yuan in net assets, Credit Orienwise has guaranteed 9.2 billion yuan in credit for SMEs since it was established in 1999. Toru Shibuichi, ADB's chief representative in China, said: 'SMEs are key drivers of jobs, economic growth and development for China.'
China has about 1,000 licensed credit-guarantee companies. Alice Yan
artfolio bids $53m for 50pc of jewellery chain
Japan-based Artfolio Corp has offered $53.64 million for a 50.2 per cent stake in jewellery retailer Lai Fai International Holdings.
