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HSBC increases stake in Sparkice
18 July 2002
HSBC Holdings plc has invested an additional US$5 million in Sparkice Inc., the Beijing-based online trade facilitator, taking its interest from 5 per cent to 10 per cent.
Through its online services, Sparkice allows businesses to source and buy consumer products from China-based manufacturers. The investment from HSBC will be directed towards further developing the online trade finance, payments and marine cargo insurance services available on the company’s B2B website.
Edward Zeng, Chairman and CEO of Sparkice Inc., said: "We appreciate HSBC's continued involvement in our business. With China’s entry to the World Trade Organization and the rapidly growing global competitiveness of China’s manufacturing industry, I believe that Sparkice has an excellent opportunity to become the leading, global online transaction hub."
Sir John Bond, Group Chairman of HSBC Holdings plc, added: "Since our initial investment last year, we have been impressed with the substantial developments made by Sparkice. In addition to the rapid global roll-out of its service, the company has grown its supplier database from 2,000 last year to more than 10,000 today. Sparkice has also made headway with the introduction of new online sourcing and trade finance applications and processes."
Notes
Sparkice Inc. is China’s leading electronic commerce, transaction-enabled trading platform. The Chinese government has named it one of the country’s e-commerce pilot projects.
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