China Renaissance Private Equity Fund and West Fund, a private equity fund established by Chinese steel company Shougang Corp., have jointly led a RMB500 million (US$73 million) new funding round in steel industry e-commerce platform Zhaogang.com.
Russia-China Investment Fund also participated in the round, according to a company announcement.
It is not clear how much Zhaogang.com was valued in the new round, but the company was worth US$1 billion as of May.
Founded in 2012, Zhaogang.com is an e-commerce platform covering the whole steel industry chain. It provides steel storage and processing services, logistics and e-commerce online trading platforms. Various products such as hot rolled steel, cold-rolled steel, building material and steel plate are available for purchase on its digital portal, which records daily transaction volum...
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