China Finance (CHFI.OB), a provider of loan and surety guarantees to China's expanding class of small and medium enterprises, is now launching a new division of its surety guarantee business to service the rapidly growing Internet services market.
Zhi Yong Xu, Chairman and Chief Executive Officer commented, "We are experiencing a high demand for our reverse merger and M&A guarantee services from small and medium size companies in the internet services industry. The success of several other Chinese companies in this sector has paved the way for similar companies to expand their presence in the U.S. capital markets. As a result, we have decided to strengthen our focus on this market by adding
a division dedicated to growing our internet client base. We will continue to sign contracts with clients across multiple industries in order to maintain a diversified customer mix. However, the rapid growth in this industry and expertise needed to service these clients justifies dedicating a specialized team to expand our business development efforts in this sector."
The company has hired Mr. Haibing Lian as General Manager of the Company's new internet services division. Mr. Lian is a well-known IT specialist that has spent the last 10 years in the technology industry. After graduating from the
Hubei Technology Institute with a Master's degree in Computer Science, Mr. Lian began his IT career as an engineer for Wuhan Beacon Information Technology Group in Hubei, China in 1995. He then served as the Chief Information Officer for Fei Le Network Technology Limited in 1998. Most recently, Mr. Lian comes from the New Kaiyuan Information & Network Limited in Shenzhen, China where he served as the Company's Chief Operating Officer.
Zhi Yong Xu continued, "We are extremely pleased that Mr. Haibing Lian has agreed to join our company and head up our internet services division. We believe his years of operations and management experience in this industry will be instrumental in developing this business. We feel strongly that Mr. Lian's addition to our management team will enable China Finance, Inc. to effectively service our clients in this market and help us select leading SMEs to become public in the U.S. through our surety guarantee services."