(September 29, 2014, Shanghai) The China Banking Regulatory Commission (CBRC ref: [2014]663) has issued its formal approval for the preparation for establishment of Zhejiang Internet Commerce Banking Co., Ltd. (“Zhejiang Internet Commerce Bank”) in Hangzhou, Zhejiang Province lead by founding shareholders namely Zhejiang Ant Small & Micro Financial Services Group Ltd (“Micro Financial Services”), Shanghai Fosun Industrial Technology Development Company Limited (“Fosun Industrial Technology”), Wangxiang Sannong Group Limited (“Wangxiang Sannong”), Ningbo Jinrun Asset Management Ltd (“Jinrun Asset”). The new entity will be 30% owned by Micro Financial Services, 25% by Fosun Industrial Technology, 18% by Wangxiang Sannong and 16% by Jinrun Asset. The eligibility of other shareholders, each of whom to hold an interest of less than 10% of the total share capital will be subject to the approval by Zhejiang Banking Regulatory Commission according to relevant laws and regulations. Meanwhile, pursuant to the requirements of the CBRC, the preparation for establishment needs to be completed within six months starting from the receipt of the formal approval. As such, the preparation for establishment of Zhejiang Internet Commerce Bank will proceed as scheduled under the guidance of the relevant regulatory authorities.

As a leading global investment group taking roots in China, Fosun has been nurturing its “insurance-oriented comprehensive financial capability” as the Company’s core capability. Fosun’s collaboration with other co-founding shareholders including Micro Financial Services to jointly establish the Zhejiang Internet Commerce Bank will help further enhance Fosun’s integrated financial capability.

The data processing capability, service pledges, and many other aspects of Zhejiang Internet Commerce Bank will be in line with those of Ali Small-Loan. In recent years, Fosun has been implementing its “embracing the mobile internet” strategy. In the last five years, as a founding shareholder of Ali Small-Loan, Fosun has been participating deeply into its operation and development, an experience that has enhanced Fosun’s understanding of the internet banking model. Fosun said this is a choice in line with the Company’s development strategy. The Company has full confidence about the future development of Zhejiang Internet Commerce Bank.

As a private enterprise rooted in Shanghai, Fosun will continue to work together with other private enterprises to jointly promote the construction of Shanghai financial center, and contribute its effort in promoting the prosperity of the country's diversified financial services system.
 
About Zhejiang Internet Commerce Bank
Zhejiang Internet Commerce Bank is an innovative internet commercial bank. It establishes its foothold on developing its businesses on the internet, a consensus shared by all founding shareholders. In the future, Zhejiang Internet Commerce Bank aspires to provide financial services suitable for micro enterprises and individual consumers and pushes the boundaries of internet commerce through internet technologies, internet concepts, especially internet credit businesses.

Zhejiang Internet Commerce Bank primarily uses the internet as the means and carrier. Its operations are all on the internet, providing financial services for micro enterprises and individual consumers with electronic commerce platforms. Financial services and products to be provided are with features only found on the internet and suitable for operation via the internet, and are with relatively simpler structures.

Zhejiang Internet Commerce Bank adheres to its business model of taking deposits and extending borrowings in small amounts, targeting at satisfying investment and financing needs of micro enterprises and individual consumers, i.e., deposit products of less than RMB200,000 and loan products of less than RMB5 million. It will of course adhere to guidance from the regulatory authorities in the whole process of the preparation for establishment, seeking to arrive at a more comprehensive business plan.
 
About Fosun
Fosun was founded in 1992 in Shanghai. Fosun International Limited (00656.HK) was listed on the Main Board of The Stock Exchange of Hong Kong Limited on July 16, 2007. Today, Fosun has established four business engines comprising of “insurance, industrial operations, investment and asset management”. It strives to become a world-class investment group underpinned by the twin drivers of “insurance-oriented comprehensive financial capability” and “industrial-rooted global investment capability”. It is committed to applying the value investing principle to its investment model of “Combining China’s Growth Momentum with Global Resources”.