Chinese Social Finance Site Gains USD40 Million Investment
Xueqiu.com, a Chinese social investment website, has completed its third round of financing of USD40 million with investors including Renren.com and Morningside Ventures.
Xueqiu's products include its website and an application for smart devices. Officially launched in November 2011, Xueqiu has been providing data inquiries, information, and interactive communications services to Chinese investors. Its services cover various categories such as stocks, funds, and bonds. Prior to this, the company already gained investments from Sequoia Capital and Morningside Ventures.
Commenting on the investment, Chen Yizhou, chairman and chief executive officer of Renren group, said that the most important thing about Internet finance and investment is quality users with investment judgment and Xueqiu has such users. The reason for investing in Xueqiu is that the company has good development prospects and potential and Renren believes the community products will create huge value.
Fang Sanwen, founder of Xueqiu said that with great efforts, Xueqiu has established its position in the investor communication service market. Fang said when communication integrates with transactions, the value of community will increase. After the new round of financing, Xueqiu will promote that integration.