CITIC GoldStone Fund Management Co., Ltd. and Huagai Capital have joined a series B funding round in Beijing-based online brokerage firm Tiger Brokers Co.
Existing investors Zhen Fund and China Renaissance K2 Ventures also participated in the round, which is worth RMB200 million (US$29 million).
Founded in June 2014, Tiger Brokers focuses on providing brokerage services for Chinese investors wanting to invest in overseas securities, particularly stocks listed on the U.S. and Hong Kong exchanges.
"We invested in Tiger Brokers in its angel round because we believe in its objective of serving the trading needs of global Chinese investors," said Li Li, managing partner at China Renaissance K2 Ventures.
Chinese personal investible assets are currently estimated at around US$17 trillion and could surpass US$30 trillion by 2020.
CITIC Securities Co., Ltd., the brokerage arm of the biggest state-owned financial conglomerate and parent of CITIC GoldStone, will provide strategic advice on the company’s growth going forward, it said in a statement.
The funding round follows a RMB100 million (US$16 million) financing in the company led by Chinese smartphone maker Xiaomi Inc. in September 2015.
Tiger Brokers previously received investments from Zhen Fund and China Renaissance K2 Ventures, according to its website.
The company plans to use the latest proceeds on technology infrastructure upgrade, big data development, user experience improvement and new business initiatives.