Haitong Capital leads $32m round for Chinese finance portal
Haitong Capital, a private equity arm of Haitong Securities, has led a $200 million ($32 million) round of funding for 91Jinrong, a Chinese financial portal.
Existing investors China Broadband Capital (CBC) and Matrix Partners also participated. This latest round values the company at about RMB1 billion, Zewei Xu, CEO of 91Jingrong, told local media.
The firm, founded in 2011, is incubated under Microsoft Ventures Accelerator program. In September last year, it received RMB60 million from CBC and Matrix Partners.
91Jingrong aims to become China's "Wal-Mart of finance," providing a platform through which users can buy financial products offered by third-party institutions.
The company's revenue comes from advertising fees as well as sales commissions. It partners with over 300 banks, insurance companies and brokerage firms, and processes more than RMB100 billion daily transactions. The company also claims it has over 2 million users.
Established in 2008, Haitong Capital has more than RMB20 billion in assets under management. It focuses on investing in growth-stage companies.
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