Bank-supported e-commerce provider to be set up

An e-commerce company closely associated with Minsheng Banking Co Ltd will register in Shenzhen with subscribed capital of 3 billion yuan ($489 million), according to the NetEase's financial channel.

This will be the first e-commerce platform supported by a commercial bank to be registered.

The company was started by Minsheng Banking's seven non-state shareholders and Minsheng Royal Asset Management Co Ltd.

The major non-state shareholders of the bank include New Hope Group, an agriculture company, Orient Group Inc, an investment group, and Shanghai Giant Lifetech, a health product provider.

The e-commerce company has a registered capital of 125 million yuan, in which Minsheng Royal Asset Management has invested 50 million yuan, Minsheng Real Estate Co Ltd, 37.5 million, and Asia Financial Cooperation Association (Sanya), 37.5 million yuan. The share make-up is 4：3：3.

Tapping into Minsheng Banking's small and medium customer base, the company will cooperate with the bank in information resources, capital flow and logistics, according to the announcement.