CITIC PE-owned online finance platforms raise $65m
Maidai Licai and China Top Credit, two Chinese online finance platforms wholly-owned by CITIC Private Equity, have raised RMB420 million ($65 million) from their parent company and other strategic investors.
CITIC PE re-upped in its subsidiary through its renminbi-denominated fund, alongside investors including AVIC Trust and Beijing Hualian Department Store.
Madai Licai, formerly Teng Niu, was launched in December. According to its website, the team previously worked for Capital One, Bank of America, Ping An Bank, CITIC Bank, Microsoft and EMC. It provides an online platform through which retail investors can purchase wealth management products. The company claims to have about one million registered users, facilitating more than RMB3.5 billion in transactions.
CITIC PE set up China Top Credit with registered capital of RMB120 million. The platform focuses on providing micro-loans to individual lenders.
The new capital injection will improve Madai Licai and China Top Credit's competiveness in the online finance industry. The companies will use the net proceeds to enhance risk-control systems, product development and upgrading technology.
China-focused CITIC PE closed its second US dollar fund in May at about $1.3 billion. The GP operates three renminbi funds, according to its website: two general private equity vehicles, one of which closed at RMB9.4 billion in 2010, and another that is targeting RMB10 billion; and a mezzanine vehicle with a target of RMB5 billion.
AVCJ Research's records indicate that the second renminbi fund closed at RMB11.9 billion in October 2012. Its LPs include China Life Asset Management and the National Council for Social Security Fund (NSSF).
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