CoAssets invests RMB1 mil in Chinese crowdfunder Da Xian Bing

By Michael Lim / The Edge Property | January 23, 2017 4:00 PM SGT
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CoAssets, a Singapore-based and Australian-listed investment crowdfunding company, has acquired a 10% stake in China’s crowfunding company Da Xian Bing Internet Technology for RMB1 million ($206,755).
CoAssets says there is good potential and synergy for the overlap between users because Da Xian Bing targets product crowdfunding, whereas CoAssets is in investment crowdfunding. The investment will give CoAssets access to Da Xian Bing’s rapidly growing user base of more than 300,000 users, who are familiar with the concept of crowdfunding.
“It is a synergistic relationship, as both platforms can grow together faster and unlock greater value to users of both platforms. From CoAssets’ perspective, this investment will help us significantly grow our reach within China,” says CoAssets’ co-founder Seh Huan Kiat.
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The company conservatively expects to increase its user base in China by 300,000 within six months of its investment in Da Xian Bing. The investment is in addition to the CoAssets’ operations in China, via its 40% joint venture with Fujian Yaosheng.