Inner Mongolia Junzheng Energy and Chemical Group Co., Ltd. (601216.SH) announced Friday that it had signed a cooperation framework agreement with Vipshop Holdings Ltd. (VIPS.NYSE) to jointly establish an Internet bank with a registered capital of 2 billion to 3 billion yuan. Junzheng Group's stocks resumed trading and opened at 12 yuan per share on Friday.
According to the agreement, Junzheng Group and Vipshop will be the largest and second largest shareholder of the Internet bank respectively, and they will also invite other private companies in accordance with regulatory requirement to join.
Vipshop, a Guangzhou based and United States listed e-commerce company, reported 1.36 billion U.S dollars of revenue and 46.1 million dollars of net income for the third quarter of 2015.
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