on march 25, one of longrich group’s daughter companies in the banking sector known as suzhou hongrun small loan company signed a cooperation deal with the israeli holding company aurec capital. the signing ceremony took place in suzhou, in the presence of some local authorities including mr. li hongqiu, the deputy director of the finance bureau of suzhou industrial park, together with longrich group’s chairman mr. xuzhiwei, principal shareholders of the small loan company and mr. michael elyakim, the managing director for aurec capital china investments.
aurec capital is known for pursuing direct investments mainly in the media related technologies, retail, finance and mobile spheres by utilizing the group’s vast connections in the israeli high-tech industries and global markets. amongst the group's holdings have been the israeli yellow pages (golden pages), the former cable television provider golden channels (now amalgamated into hot); an internet service provider known once as golden lines (now merged with internet zahav to form 012 smile), a joint venture with the aig insurance company (aig golden) and amdocs, now a leading provider of software and services for billing, customer relationship management (crm), operations support systems (oss) to the telecommunications industry.
this time the company has raised 10 million $, making it the first foreign holding company with the highest direct investment in microfinance institution in jiangsu province. the fund raised, will enable hongrun to broaden its services by providing a larger and more convenient loan opportunities to its growing customer base. furthermore, actively strengthen management and standardize operations in order to stand at the forefront of the micro-credit sector in china.