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

News Source: China Money Network.

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 Hairongyi.com, 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 try...



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