5Y News | Snowball Announces Completion of $120 Million Series E Funding Round
Congratulations to Xueqiu!
On December 5, at the Xueqiu Carnival, Li Nan, co-founder and CEO of Xueqiu, announced that the company had completed a $120 million Series E round. The round was led exclusively by Orchid Asia Group, with UBS serving as the exclusive financial advisor.
Previously, 5Y Capital had led Xueqiu's Series B and participated in its Series C.
Founded in 2010, Xueqiu has built a unique content and user ecosystem in the equity investment market by capturing a high-quality user entry point through its highly sticky investment community. Starting from the community, Xueqiu provides Chinese investors with free cross-market, cross-asset quotes and information, as well as convenient and efficient trading services for stocks, funds, and private placements — building a full-service chain spanning "pre-investment decision-making, investment execution, and post-investment engagement."
Li Nan said: "For the past decade, Xueqiu has remained focused on creating value for users. Xueqiu's growth has paralleled the vigorous development of China's capital markets and the increasing number of outstanding domestic companies going public. As China's capital market marks its 30th anniversary, Xueqiu has had the privilege of participating in and witnessing the changes of the past decade, providing users with valuable content and closed-loop trading services. In the next decade, Xueqiu will continue to deliver quality products and services to investors, becoming an online wealth management platform worthy of users' trust."
Regarding this funding round, Li Nan stated that the proceeds will be used primarily for ongoing business upgrades and R&D investment, consistently centering on user needs to provide more comprehensive, richer, and more trustworthy wealth management platform services — fulfilling Xueqiu's mission of "connecting people with assets, letting the snowball of wealth grow bigger." The funding will also continue to support recruitment of outstanding talent.
Regarding this round, Benjamin Li, Managing Director of Orchid Asia, said: "Xueqiu has exceptional user reputation and stickiness, having built particularly strong moats around its community and content. It has captured the mindshare of China's highest-quality investor base. We look forward to the company continuously breaking through and developing in content and community, further expanding its influence among new middle-class users — especially younger generations — growing together with users in the process of matching people with assets and promoting the digitalization of investment trading, creating more unique value, and letting the snowball of wealth grow bigger."
Prior to this round, Xueqiu had completed four funding rounds, with investors including Sequoia Capital, 5Y Capital (formerly Morningside Venture Capital), Oak Pacific Interactive, and Ant Group, raising more than $170 million in total.
5Y Capital (formerly Morningside Venture Capital) currently manages approximately $3 billion in USD and RMB dual-currency funds. We believe the world would be better if the "crazy" you that others see starts to be believed.
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