Alibaba Small Loan Company, Once Led by Jack Ma, Enters Liquidation Process
Zhejiang Alibaba Small Loan Co., Ltd. (Alibaba Small Loan), a company once led by Chinese internet giant Alibaba’s co-founder Jack Ma, has issued a cancellation registration announcement. This announcement comes as Tianyancha’s business risk information revealed that Alibaba Small Loan has begun the process of dissolution, with the registration announcement period running from February 6 to March 21.
Established in March 2010, Alibaba Small Loan was the first company in China to provide small loans specifically to e-commerce merchants. With a registered capital of 300 million yuan, the company was jointly founded by Alibaba Group, Fosun Group, Intime Group, and Wanxiang Group. Jack Ma, who served as the legal representative and chairman of the company, resigned from his position in 2019.
Unlike traditional small loan companies, Alibaba Small Loan utilized the vast transaction data accumulated on Alibaba, Taobao, and Tmall platforms to provide loans to Alibaba platform merchants without the need for collateral. The company’s quick approval process allowed for loans to be processed in as little as 3 minutes. In less than a year since its establishment, Alibaba Small Loan had issued loans totaling nearly 30 billion yuan.
Following the ban on private enterprise lending companies by the Chinese Communist Party authorities, Alibaba Small Loan’s sister company Chongqing Ant Shangcheng Small Loan Co., Ltd. transitioned to non-financial businesses such as technical services and technology development.
With Zhejiang Alibaba Small Loan entering the liquidation and cancellation process, the company has essentially entered history. The news of the company’s dissolution has sparked mixed reactions from netizens, with some expressing nostalgia for the convenience of Ali’s small loans and others speculating on the implications of the company’s closure.
As Alibaba Small Loan Company navigates the liquidation process, questions remain about the future of the company and its impact on the lending landscape in China.
Editor in charge: Sun Yun#