Word: alibaba
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Dates: during 2000-2009
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...Because of the detailed information Alibaba has about its member companies, such as the type of Web traffic they generate, it can provide banks with additional data to determine a company's creditworthiness. "We are definitely not trying to take the place of the major banks," says Spelich. "What we are trying to do is help them understand a class of entrepreneur they typically don't do business with...
...Wang Baoguo, CEO of the Hangzhou Dafeng Furniture Co., securing two loans via Alibaba has meant gaining the cash to buy raw materials at lower cost. The seven-year-old company employs 150 people and manufactures wooden home furnishings. But despite its experience, Hangzhou Dafeng has traditionally avoided pursuing credit through traditional channels. "A small start-up company like ours doesn't remotely qualify for loans under the banks' criteria, so I didn't even bother to try," says Wang. Through the Alibaba program, the company was approved for a $100,000 loan. After repaying that, it applied...
...Among the more innovative schemes is a program started by the business-to-business website Alibaba.com, which connects Chinese manufacturers with overseas customers. Last year the company's founder, Jack Ma, began to worry about the souring economy and its impact on Alibaba's 32 million members. "He told his lieutenants to all go out and figure out how to help our customers because there's a bad time coming," says John W. Spelich, Alibaba's vice president for international corporate affairs...
...result is a program that acts as a kind of matchmaking service between members and banks. The service began last year in Zhejiang, a coastal, trade-focused province south of Shanghai, where 600 businesses used Alibaba to acquire loans worth more than $146 million through China Construction Bank and the Industrial and Commercial Bank of China. This year the program has expanded to Guangdong, Shandong and Jiangsu provinces and several coastal cities including Shanghai and Shenzhen. Seven other banks, including Bank of China, China Merchants Bank and Shanghai-Pudong Development Bank, have signed on. Alibaba expects to facilitate more than...
...Unsurprisingly, several big-name Chinese companies on the international stage - Lenovo, Alibaba, Sina and Haier - registered many of their operations as foreign firms, accessed Hong Kong's capital market and legal system and thus succeeded not because of the regime's economic conduct but in spite of it. For reinforcement of the mainland's shortcomings, Huang points to Shanghai, where the mushrooming Pudong skyline masked a poor record on innovation and a lack of private-sector companies of note (its greatest success story, e-commerce star Alibaba, fled to Hangzhou in the neighboring and more entrepreneurial Zhejiang province...