jun25 Micro Connect has applied to list on Hong Kong’s stock exchange, with the application filed on Wednesday aimed at raising funds from institutional investors. Micro Connect is a fin-tech company founded by Charles Li, the former CEO of Hong Kong Exchanges and Clearing – with the objective of raising capital for mainland China’s micro and small businesses. The exchange platform boasts a tradable financial instrument called the daily revenue obligation. In theory, investors receive a share of daily revenues from businesses, a new concept that challenges the traditional interest or equity. According to the Wednesday filing from Micro Connect International Finance Company, an investment company set up in May, Micro Connect seeks to be registered as a closed-end investment company under Chapter 21 of listing rules. In other words, the distribution of shares will be confined to professional investors instead of the general public. In an exclusive interview with Macau Bu...
set24 Micro Connect has announced an operating structure for its financial asset exchange that currently involves over 13,000 micro businesses across 200 mainland Chinese cities in retail, food and beverages, sports, culture and services. The Micro Star, according to an update on Thursday, is the backbone of what the operator describes as a revenue based financing (RBF) exchange, one that is modeled after the traditional equity market. However, as founder and chairman Charles Li Xiaojia pointed out at a media Q&A session on Thursday, the exchange, also known as MCEX, relies on digitally-enabled vehicles, making the marketplace more “lighter touch” and “cost-effective”. As of the end of last year, Micro Connect investors splashed out RMB4.4 billion (US$630 million) in investment, with over RMB2 billion in returns netted. It is expected to take “two to three years” to recover the remainder of the funding. https://www.macaubusiness.com/micro-connect-micro-star-unveiled-as-operati...
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