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Investment, Private Equity

CCB International, San Shan Capital Join $70M Series C Round In FirstP2P

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CCB International and San Shan Capital Partners have participated in a US$70 million series C round of financing in FirstP2P, an online lending information platform backed by Net Credit Finance Group.

The round values the unit at a post-money valuation of US$2 billion, according to Chinese media reports.

Launched in 2013 by Chinese Internet finance group Net Credit Finance Group, FirstP2P provides online financial products including car loans, mortgages, financial leasing to small and medium enterprises.

The unit previously raised US$41 million series B round from San Shan Capital, CITIC Capital and ChinaEquity Group Inc. in 2015. It received a series A financing from CCB International and ChinaEquity Group.

San Shan Capital is established by Li Shan, ex-CEO of BOC International, and John Thornton, former global president of Goldman Sachs, in 2005 in Hong Kong.

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