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Alibaba.com (HKSE 1688)has invitation sent to its users to take part in a talk at the World SME Expo, Hong Kong Convention & Exhibition Centre.

The event will be taken place from 10-12 December, 2008, presenting a possible solution to small-and-medium size companies (SMEs) in the event of weakening economy following the financial tsunami.

Echoed to the event was today’s news cover story of  HK$4 billion funding to support local SMEs through HSBC Holdings (HKSE 0005).  

The Hong Kong largest bank announced its rescue plan of  US $5 billion global fund to increase capital liquidity to SMEs  around the world.  

The loans made in Hong Kong under the global fund are meant to apply to working capital and equipment financing needs. Loans will be allocated on a case- by-case basis, using HSBC’s normal lending criteria. Interest will vary, with high rates charged to risky businesses lacking government loan guarantees, according to HSBC global co-head of commercial banking Margaret Leung Ko May-yee.

Users who are interested in more details about the new Gold Suppliers package can visit Alibaba.com booth. Make an advanced appointment on: 852-22155128.

  • Alibaba.com at the World SME Expo
    Hall 1, Hong Kong Convention & Exhibition Centre
    Booth No. 1H02, 1H04
    10-12 December 2008
    (Free Admission)

 

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Amid the weakening global economy, which will ostensibly slow down China’s export, the People’s Bank of China last week cut the cost of bank loans and reduced the reserve requirement ratio for smaller financial institutions.

In what was seen as a move to help SMEs hit hard by a tighter credit crunch, the central bank announced a 27-basis point cut to the commercial banks’ benchmark lending rate and 100 basis points for the reserve ratio for small and medium financial institutions.

The lowered reserve ratio will free up more funds for small bankers, which will increase lending to SMEs.

China’s exportsincreased 22.4 percent year-on-year in the first eight months of 2008, but down from 27.7 percent in the same period last year. It is believed that worsening US financial market turmoil and rising domestic production costs would have negative impacts on Asia exports and financial markets.

Jing Ulrich, chairwoman of China equities at JP Morgan Securities expected that China would open its purse strings by unleashing relief programs for the export sector, reconstruction spending and high levels of infrastructure investment.

 

People's Bank of China

The People's Bank of China

 Photo courtesy of http://www.newsgd.com

 

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Alibaba, China number one eCommerce portal,  is to launch an online platform which will encourage the owners of British small and medium-sized enterprises (SMEs) to export their products to the world’s most populous country. 

David Wei, chief executive of Alibaba.com , following his maiden results as a public company, unveiling a 200 per cent rise in operating profit to RMB804m few weeks ago, has announced his second move.

The new venture, known as “Export to China, Export to the World”, will be launched in the second half of this year, will target the 268,000 Britons who are already members of Alibaba.com.

The website is currently recruiting new members in this country at a rate of 2,000 every week.


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