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Qingdao Ronghai Leads $29M Round In Chinese Fintech Start-Up Hairongyi.Com

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Qingdao Ronghai State-Owned Asset Management Company, an investment entity owned by the state-owned asset management office of Licang district in Qingdao city, has led a RMB200 million (US$29 million) series A round in, a financial technology start-up backed by Haier Financial Holdings.

Ronghai made the investment via its wholly owned subsidiary Qingdao Ronghai Financial. Haier Financial is a unit of Qingdao-based consumer electronics company Haier Group.

The deal is part of Haier Group’s push into financial technology. Last month, Haier signed a strategic partnership with the Shanghai government to cooperate in the areas of high-end smart manufacturing, smart home appliance solutions, smart cities, smart supply chain as well as fintech.

Chinese companies operating in traditional industries such as manufacturing are trying to move into high tech sectors, as advocated by Beijing in a national strategy to "upgrade" the Chinese economy toward innovation and advanced technology.

Founded in 2014, provides comprehensive financial products for both individuals and enterprises. The platform offers services such as financial products management, big data analysis, investments and fundraising for enterprises, advisory and credit risk management.

The start-up claims it has 2.4 million registered customers and has completed transaction with a cumulative value of RMB37 billion (US$5.4 billion). It will use the latest proceeds to acquire necessary licenses, build up its team and expand its businesses.

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