China Digest: Serviced apartment chain Anxin raises $43m; Gold trader G Banker gets $29m

Anxin raises $43 million in funding

Serviced apartment chain Anxin Apartment has raised $43 million in Series B and B-plus rounds led by Qiming Venture Partners. Gold trading platform G Banker is poised to expand after raising a $29 million Series C round of funding from BOC International Holdings.

Serviced apartment chain Anxin gets $43m series B & B-plus

Shanghai-based serviced apartment chain Anxin Apartment has raised RMB300 million ($43 million) Series B and B-plus round of funding led by Qiming Venture Partners, PCP and the East Fuhai, Baijiahao.baidu reported.

Anxin, which recently changed its name to An Xin Yu, was founded in 2014 to cater to blue collar workers from various sectors. It is now aiming to shift its focus to serving executives and white collar workers.

Its serviced apartments are present in cities including Shanghai, Hangzhou, Wuhan, Guangzhou, Shenzhen, Beijing and Nanjing, with each apartment covering an area of 1,000 to 5,000 square metres.

To date, Qiming Venture Partners has $2.7 billion assets under management for its five US dollar funds and four RMB funds.

Gold trading platform G Banker gets $29 m Series C

Online gold trading platform G Banker has raised a RMB200 million ($29 million) Series C from BOC International Holdings (BOCI), a wholly owned subsidiary of Bank of China.

The investment was led by Bohai Zhong Sheng, a fund unit of BOCI, together with investors China Everbright Ltd’s Guangkong Zhongying Capital, SBCVC, and Hong Kong-based Radiant Venture Capital, according to Sina.com.

The latest funding will be used for the expansion of the platform, including its gold trading supply chain business.

The company expects to increase efficiency while reducing risk and speculation through the platform, said Wang Xin, Bohai Zhong Shen fund manager.

As of April 2017, the platform has over 1.4 million users with over 20 tons of gold under management.

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