hairongyi.com

Jul 17, 2017

SEA & India beneficiaries of greater diversification by PE firms in Asia: Suvir Varma, Bain and Co. China Digest: Hairongyi.com gets $29m from Ronghai; Xiaoming Bike gets Series B A man looks for a shared bike to ride outside an office building, in Beijing, China April 12, 2017. REUTERS/Jason Lee By Juliet Shwe Gaung July 17, 2017 In a couple of deal developments in China, fintech firm Hairongyi.com has raised $29million Series A from Qingdao Ronghai state owned asset management company while bike sharing startup, Xiaoming Bike, raised a Series B investment from NewMargin Capital. Fintech startup Hairongyi.com gets $29m from Ronghai Financial technology firm Hairongyi.com has raised a RMB200 million ($29 million) series A from Qingdao Ronghai state-owned asset management company. Founded in 2014, Hairongyi.com, backed by Haier Financial Holdings , raised the investment via Ronghai’s wholly owned subsidiary Qingdao Ronghai Financial . Hairongyi.com is looking to use the investment for business expansion, human resource and administration works to expand its user base. To date, they have completed up to a cumulative transaction value of RMB37 billion ($5.4 billion) for its services such as financial products management, big data analysis, investments and fundraising. Xiaoming Bike gets Series B from NewMargin Capital Xiaoming Bike , a Guangzhou-based bicycle sharing rental startup, has led a Series B worth hundreds of millions of RMB led by NewMargin Capital , a VC firm listed on China’s New Third Board. The investment raised will be used to deploy more parking areas, upgrade its products and enhance user experience. Currently covering Shanghai and Guangzhou, the year-old Xiaoming Bike plans to reach out to other cities across China within this year. It has different business models to return the rented bike at specific locations. Other bike sharing business allows users to return their bikes anywhere using GPS for the bikes. Xiaoming Bike received Series A investment from bike manufacturing company Cronus Bike in October 2016 and an angel round of tens of millions of RMB from NewMargin Capital. China is home to two popular bike sharing companies, Mobike and Ofo which have 100 million registered users. Also Read: