China Phoenix TV’s online finance platform secures $80m
Fengjr.com, an online finance platform created by Chinese television broadcaster Phoenix Satellite TV, has raised an $80 million Series A round led by CITIC Asset Management and CASH Capital – the VC arm of the state-owned Chinese Academy of Sciences Holdings (CASH Holdings).
Other state-owned investment firms including China Orient Asset Management's CORC Capital, and China United SME Guarantee Corporation, also participated.
The online finance platform was launched in December last year. It provides a mixture of personal wealth management and lending products to individuals and small to medium-sized enterprises (SMEs). The company said it will only allow high quality financial institutions in China and overseas to sell their products through the platform. It has partnered with third-party guarantors to handle investors' capital. At present the company has over one million users registered on its platform, facilitating nearly RMB8 billion ($1.2 billion) since inception.
CASH Capital's debut renminbi fund was formed in 2011 with LP commitments from CASH Holdings, the Ministry of Finance and several Chinese private companies. Four months ago, the VC arm launched its second renminbi fund worth RMB1.2 billion, receiving an anchor commitment from CASH Holdings. Existing investors and several new LPs, including private companies and listed corporates, also invested in the fund.
CASH Holdings is the investment arm of Chinese Academy of Sciences, the national science research institution in the country, with over RMB30 million in assets under management. It is an LP in funds managed by IDG Capital Partners, Hony Capital, Legend Capital, CDH Investments, Sequoia Capital and China Broadband Capital.
Phoenix Satellite Television was founded in 1996 and is listed in Hong Kong. It produces a mix of programs, ranging from political and economic news to talk shows, which are broadcast in 150 countries.
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