Our retailing website "Chinese Consumer Market Network,” provides merchants a platform to promote and sell products and services directly to customers in China. Customers have direct access to a broad range of goods and brands, including many products available only in China’s largest cities as well as Western products goods generally unavailable in China. Since our foundation in 2008, more than 5,360 vendors and 350,000 customers have established accounts with us.
Debit Card Program
We are currently collaborating with Fuxin Bank in China to issue cobranded debit cards, which have all the financial functions of traditional bankcards plus one unique feature—the cardholder may use the debit card to make electronic payments on our website and it also provides discounts for retail transactions outside of our website with certain vendors that have signed up with the program. Moreover, in December 2011, we signed several dealer agreements including one with China Unionpay, which is the only card management company like Visa and Master Card in China. This was a huge step for us in terms of building out our debit card program, as China Unionpay has millions of POS machines installed all over China. We are confident that with the cooperation of China Unionpay and other dealers, we will be able to continue rapidly developing our vendor system, with the goal of this business generating revenue later in 2012.