JD.com invests in Meili to enter auto finance
Print Edition
CHINESE online retailer JD.com’s financial arm extended an undisclosed sum of funding to Meili Finance, a Beijing auto credit company, Meili said yesterday.
The investment allows JD Finance to extend its consumer credit business into auto finance, which usually requires a license from the banking regulator.
Meili has been working exclusively with a secondhand car sale market in Beijing, said to be the largest of its type in China. It has granted 250 million yuan (US$38.6 million) credit to 30,000 auto buyers.
Meili will have access to JD Finance’s risk control and credit checking expertise, the company said in a statement.
In November, Meili said investors including Bertelsmann Asia Investments, Morningside Ventures and Banyan Capital have pumped in US$65 million.
Automobile ownership in China has hit 172 million vehicles. Secondhand auto sales are expected to overtake new car sales in the near future, with transaction volume estimated to hit 2 trillion yuan.
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