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ncing the Underfinanced Online Lending in China

Financing the Underfinanced

Jiazhuo G. Wang · Hongwei Xu Jun Ma Editors

Financing the Underfinanced Online Lending in China

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Editors Jiazhuo G. Wang Metuchen, NJ USA

Jun Ma Shanghai China

Hongwei Xu Shanghai China

ISBN 978-3-662-46524-0 ISBN 978-3-662-46525-7  (eBook) DOI 10.1007/978-3-662-46525-7 Library of Congress Control Number: 2015936157 Springer Heidelberg New York Dordrecht London © Springer-Verlag Berlin Heidelberg 2015 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper Springer-Verlag GmbH Berlin Heidelberg is part of Springer Science+Business Media (www.springer.com)

Preface

The year 2013 was labeled by many media and industry analysts as “Year One of The Internet Finance Era” in China.1 The year 2013 has witnessed China’s Internet giants, such as Alibaba,2 Tencent,3 and Baidu,4 made remarkable moves to enter into the Internet finance market.5 Many traditional financial service areas, such as deposit, loan, payment, insurance, and guarantee, have been aggressively “invaded” by these financial market intruders.6 However, equally notable was the rise of another Internet-enabled financial service that, as widely covered by media,7 has been making groundbreaking impact and encouraging massive general

1

See China Industry Research Network: http://www.chinairn.com/news/20131231/120642562.h tml; Sina Finance: http://finance.sina.com.cn/money/bank/hlwjrstart/, for examples. 2 The first and largest B2B online trading platform worldwide, whose USD $25 billion IPO in the New York Stock Exchange on September 19, 2014 was widely considered the largest IPO so far in Wall Street history. Reuters: http://www.reuters.com/article/2014/09/22/ us-alibaba-ipo-value-idUSKCN0HH0A620140922. 3 A leading Chinese IT firm with market cap of about USD $150 billion and over 600 million users of its most popular app WeChat. Bloomberg: http://www.bloomberg.com/ quote/TCEHY:US; YODBank: http://www.yodbank.com/