NetEase (NASDAQ: NTES), one of China’s leading Internet and online game services providers, has announced that is subsidiary Ujia E-commerce Co., Ltd., has signed an agreement with Everbright Securities Co., and HNA Group to form a joint venture company. The joint venture is described as having a primary focus on “internet crowdfunding and other internet finance businesses”.
Under the terms of the agreement, the registered capital of the joint venture company will be approximately RMB 100 million, with RMB 30 million contributed by Ujia, RMB 40 million contributed by Everbright and RMB30 million contributed by HNA Group. The Agreement still remains subject to internal approval by the parties.
“E-commerce services is rapidly expanding among Chinese users and we are pleased to have formed this partnership with such esteemed companies. Under this joint venture, we plan to bring even more robust e-commerce offerings to our growing community of Internet users,” said Mr. William Ding, Chief Executive Officer and Director of NetEase.
NetEase was founded in 1997 by Ding. He is one of the wealthiest individuals in China today. Netease joins a growing number of internet moguls moving into the online finance space in China.
