China is not short of amazing success stories, especially when it comes to the internet. VC Marc van der Chijs is board member if Dianrong.com and tells how the company raised US$500k in two minutes for a new financial product. From his weblog:
Marc van der Chijs:
In a cooperation with Sina, Dianrong will now offer lenders a 10% guaranteed annualized return on their investments in a new product that they offer. Anybody can join, the minimum amount that you need to lend out is RMB 500 for a period of 6 months. However, the offer is only available until Monday or until 3 million RMB has been lended (whatever comes first)…
I think this will be a very popular product, because the principal and interest are guaranteed and because it’s offered in cooperation with leading portal Sina. The product will introduce more people to the concept of p2p lending in China, where the savings rate is traditionally quite high and banks like anywhere give low interest rates on deposits.
Dianrong is growing extremely fast and I am proud of the strong team that comes up with these new products and implements them quickly. Expect some more innovative products over the next couple of weeks.
Update: Unbelievable, the product below was so popular that it sold out in just 2 minutes! Only in China, finding lenders for 3 million RMB (about US$ 500K) in 2 minutes. I love it!
Are you interested in other internet expects at the China Speakers Bureau? Do check out this recent list.