(Yicai Global) Sept. 13 -- Hubei Century Network Technology Co. [SHE:300494], which specializes in internet services, will spend CNY500 million (USD76.5 million) to set up an internet-based microfinance subsidiary to meet the financing needs of upstream and downstream participants in the internet service industry including cybercafé owners, hardware vendors and consumers.

The firm will hold a 100 percent stake in the subsidiary, it said in a statement yesterday.

The demand for online entertainment products and services has grown rapidly among Century Network Technology's end users in recent years. By branching out into the online microloan business, the public company aims to satisfy the users' growing financing needs, and boost its own sustainable profitability and risk resistance capability.

Century Network Technology is an internet service platform, and provides net users with online video streaming, games and e-commerce related contents and services. Its products primarily target people accessing the internet from cybercafés, education facilities and hotels, public information shows.