Chinese financial information service provider Snowball nets $120m from Orchid Asia

Beijing Snowball Finance Information Technology Co., Ltd, a Chinese internet financial information provider that focuses on cross-border investments, has completed its Series E round funding raising $120 million exclusively from Orchid Asia.

Swiss global investment bank UBS Group facilitated the transaction, according to Snowball’s statement on December 5.

The funding proceeds from the fresh round will be allocated to upgrade its services, and also for its wealth management platform, and talent recruitment.

Co-founded by Nan Li in Beijing in 2010, Snowball has created an intelligent crypto platform, xueqiu.com, which delivers free and real-time cross-border market information, data, communications and other services. It offers accessible networks and analysis to invest in bonds, funds, trusts, and bitcoin in overseas markets.

Nan Li also said that Snowball will develop its online wealth management platform by advancing financial information products and services. 

“We expect Snowball can pivot for the emerging middle-class users, especially young clients,” said Orchid Asia’s managing director Jipei Li.

Before the latest round, Snowball secured four funding rounds with total capital raised touching over $170 million. Sequoia Capital China had previously seeded $3 million in a Series A round in Snowball in 2011.

In 2013, the investor along with 5Y Capital (formerly known as Morningside Venture Capital) had collectively pumped $10 million for Snowball’s Series B round. In 2018, Ant Group had exclusively infused $120 million in Snowball’s Series D round.

Orchid Asia, which has offices in Hong Kong, Beijing, and Shanghai, is a private equity firm with $6 billion in assets under management.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.