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Micro Connect, former HKEX CEO Charles Li’s investment platform, raises US$70 million in new funding
- Micro Connect’s Series B round includes investments from Sequoia Capital China, Adrian Cheng and Li Ka-shing’s Horizons Ventures
- Platform focused on providing financing to micro and small businesses in China
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An investment platform co-founded by the former top executive of the Hong Kong stock exchange operator raised US$70 million in Series B funding and completed more than 100 investments in micro and small businesses in China, the company said.
Micro Connect was launched last August by Charles Li Xiaojia, the former CEO of Hong Kong Exchanges and Clearing (HKEX), and financier Gary Zhang. Li retired from HKEX at the end of 2020.
“We are delighted to welcome a distinguished group of strategic and institutional investors to our community, and look forward to working closely together in supporting Micro Connect in its mission of bridging the gap between global investors and China’s grass-roots economy,” Li said in a statement on Thursday.
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In its oversubscribed Series B funding round, Micro Connect attracted investments from Sequoia Capital China, which also took part in its Series A funding, as well as new investors, including ABC International, New World Development CEO Adrian Cheng Chi-kong, Li Ka-shing’s Horizons Ventures, Lenovo Capital and Vectr Fintech.
08:22
Former HKEX chief unveils new foreign investment platform to finance Chinese small businesses
Former HKEX chief unveils new foreign investment platform to finance Chinese small businesses
Micro Connect has raised US$120 million in its two funding rounds.
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“We are fully excited about our journeys ahead, as we continue to develop the definitive financial technology and market infrastructure to empower micro and small businesses and their owners, and deliver impact to the broader society,” Zhang said.
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