HONG KONG (Reuters) – Hong Kong-based microfinance platform Micro Connect, co-founded by former Hong Kong Exchange CEO Charles Li, on Wednesday said it has raised $458 million from new and existing investors.
Micro Connect is valued at $1.7 billion after the capital raise, the company said. Participants in the fundraising included private equity and venture funds, and university endowments, Micro Connect said in a statement, without specifying the institutions.
The new funds will help the company enhance the market structure of Micro Connect (Macao) Financial Asset Exchange (MCEX), a platform that allows global investors to collect daily revenue shares of micro and small businesses in China and is set to launch in August, according to a company statement.
(Reporting by Selena Li and Roxanne Liu; Editing by Tom Hogue and Gerry Doyle)