Sino Fortune Holding Corporation ("Sino Fortune" or the "Company"), a leading online financial credit facility solution provider servicing SMEs and individual borrowers in China, today announced the launch of entrusted loan services (the "Services") to the vastly underserved SME and individual borrowers in China. The Company has engaged Qingdao Weichuang Private Capital Management Co., Ltd. as the trustee (the "Trustee") at launch of the Services.
The Company also announced today that it has entered into a series of entrusted loan contracts (the "Entrusted Loan Contracts"), pursuant to which the Company, as the trustor and provider of the funds, entrusted the Trustee to grant entrusted loans in the aggregate principal amount of RMB 50 million (approximately US$7,362,252) to five SME borrowers.
In connection with the execution of the Entrusted Loan Contracts, the Company also entered into entrusted loan guarantee contracts with financing guarantors, pursuant to which the guarantors have agreed to guarantee the obligations under the Entrusted Loan Contracts.
"Today marks an important milestone for our Company as we launch our new entrusted loan services. Leveraging our continuously improving financial condition and years of experience in providing financing solutions to the SME and individual borrowers in China, we believe the new Services allow us not only to maximize returns on our surplus cash but also to expand our scope beyond the existing service of being a matchmaker between investors and borrowers through our online marketplace, www.hyjf.com," said Bodang Liu, Chairman and Chief Executive Officer of Sino Fortune.
Mr. Liu continued, "As China's financial service industry is undergoing a transformative revolution due to technological advances and product innovations, posing both opportunities and challenges for companies like us, we believe continuing expansion of both scale and scope along the financial ecosystem is the only path to our long-term success. We have high hopes for this new line of business."