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08.24.2012 16:37

Tycoons, Insurance Firm Mull Web Financing, Sources Say

Heads of Alibaba, Tencent and Ping An form joint venture that may lend to e-commerce entrepreneurs based on their track records
By staff reporter Lu Yuan
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(Beijing) – Two Internet tycoons have joined hands with the country's leading insurance provider to explore web-based financing business, sources say.

The three parties are represented by Jack Ma, Ma Huateng and Ma Mingzhe. They just established a joint-venture company in Shanghai, a source close to the situation said.

Jack Ma is the founder and chairman of e-commerce conglomerate Alibaba Group. Ma Huateng founded and heads China's most popular social networking company, Tencent Holdings. Ma Mingzhe is the chairman of the second-largest life insurer, Ping An Insurance Group.

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