CITIC Securities, Shenzhen Capital invest in online art trading platform
CITIC Securities and Shenzhen Capital have invested $100 million in a Series B round of funding for Hihey.com, an online trading platform for Chinese art.
Hihey, which previously obtained equity investment from China Minsheng Bank, claims to be the first art e-commerce site to obtain venture capital investment in China.
Founded in 2011, the company is a one-stop-shop for the promotion and sale of artworks. The platform enables new-generation artists to display their wares online, while providing a convenient and safe trading environment for prospective investors. They buy artwork through direct transactions or auctions.
The new funding will be used to develop mobile technology, sales promotions and art funds, according to a statement.
State-controlled Shenzhen Capital has RMB30 billion ($4.9 billion) in assets under management and has recorded 98 exits through IPOs.
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