On March 25,
one of Longrich Group’s daughter companies in the banking sector known as Suzhou
Hongrun Small Loan Company signed a cooperation deal with the Israeli holding
company Aurec Capital. The signing ceremony took place in Suzhou, in the
presence of some local authorities including Mr. Li Hongqiu, the Deputy Director of the Finance
Bureau of Suzhou Industrial Park, together with Longrich Group’s Chairman Mr. Xuzhiwei,
principal shareholders of the small loan company and Mr. Michael Elyakim, the Managing
Director for Aurec Capital China Investments.
Aurec
capital is known for pursuing direct investments mainly in the media related
technologies, retail, finance and mobile spheres by utilizing the Group’s vast
connections in the Israeli high-tech industries and global markets. Amongst the
group's holdings have been the Israeli Yellow Pages (Golden Pages), the former
cable television provider Golden Channels (now amalgamated into Hot); an
internet service provider known once as Golden Lines (now merged with Internet
Zahav to form 012 Smile), a joint venture with the AIG insurance company (AIG
Golden) and Amdocs, now a leading provider of software and services for
billing, customer relationship management (CRM), operations support systems
(OSS) to the telecommunications industry.
This time the company has raised 10 million $, making it the first foreign holding company with the highest direct investment in microfinance institution in Jiangsu Province. The fund raised, will enable Hongrun to broaden its services by providing a larger and more convenient loan opportunities to its growing customer base. Furthermore, actively strengthen management and standardize operations in order to stand at the forefront of the micro-credit sector in China.
