
Everbright ReinFore invests in China’s Huasheng Finance
Everbright ReinFore, a private equity arm under China Everbright Group, has led a Series B round of funding for Huasheng Finance, a Chinese online lending platform.
Financial details were not disclosed but local media reported that the round is worth RMB100 million ($15 million).
Huasheng was founded in 2012 by returnees Yu Tang and Lei Shen, who both previously worked at US-based Capital One. Unlike peer-to-peer online lending platforms - which mostly raise funds from individual investors - Huasheng borrows money from banks.
The company then provides loans to domestic small and medium-sized enterprises (SMEs), which are usually subsidiaries or separate brands owned by large and established Chinese companies, such as Legend Holdings, Watsons, as well as e-commerce site Yihaodian.
The lending platform previoulsy raised a Series A funding round from Matrix Partners.
The proceeds of the latest investment will be used to broaden Huasheng's client base, expanding into different industries including logistics, auto manufacturing and healthcare. It aims to offer RMB10 billion worth of loans to at least 10,000 SMEs at the end of this year and up to RMB50 billion in loans to 50,000 borrowers over the next three years, local media reported.
Everbright ReinFore is a China-focused PE fund under Everbright Financial Holding Asset Management (EBAM), a wholly-owned subsidiary of China Everbright. ReinFore has about $300 million in assets under management and its LPs include fund-of-funds, insurance companies and endowments.
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