Ant Financial in Crosshairs as China Proposes Regulation of Holding Companies

China’s central government is considering regulations that would slow growth rates for financial holding companies, including auto lenders such as Ant Financial, Bloomberg News reported Monday. The government has long promoted growth but is shifting into “risk-control mode” amid concerns that Ant Financial has become too big to fail, according to the report. The proposed regulations […]

Chinese Auto Lessor Expands Reach to 1,700 Dealerships

Chinese car retail website SouChe has expanded its auto financing product called TanGeChe to more than 200 cities to reach 1,700 car dealers after launching earlier last year, parent company SouChe announced in a press release. SouChe launched TanGeChe in conjunction with fintech company Ant Financial. In addition to building up its dealer network over the […]

Renault, Alibaba Partner on New Business Channels

Renault SA  formed a strategic partnership with Chinese e-commerce behemoth Alibaba to help sell cars in the growing Chinese market, the French manufacturer said on Wednesday. The cars will be sold on Alibaba’s online Tmall service, a business-to-consumer retail platform. The idea is to“forge a unique experience to Tmall and Renault customers worldwide,” the statement said. Renault […]

Chinese E-Commerce Company Debuts Auto Finance Business

Qudian Inc., a Chinese e-commerce business that provides cash credit products via mobile technology, extended its business into the auto finance sector. The company allows borrowers to apply for credit on their mobile phones and receive approval within seconds, according to a company press release. Approved borrowers are then able to draw down on their […]

Ford’s Financial Arm Left Out of Alibaba Deal in China

Ford Motor Co. signed a letter of intent Thursday with the world’s largest retailer — Chinese e-commerce company Alibaba Group — which will allow the companies to explore new ways to purchase and finance vehicles in a fast-growing market. However, in the current unfinalized version of the deal, financing will be provided through Alibaba’s affiliate […]

Alibaba Looks to Expand Into Auto Finance With Latest Investment

Alibaba Group Holding Ltd. led a $335 million Series E funding round for Chinese car trading website SouChe.com, hinting at the e-commerce company’s auto finance ambitions. SouChe (meaning “Search Car” in Chinese) sells used cars from dealers across the country and provides financing for customers to buy new vehicles for a year, which he or she […]