Micro Connect
滴灌通
Micro Connect is a fintech company co-founded by Charles Li Xiaojia, backed by Sequoia China and Horizons Ventures, with its model questioned by Song Xiangqian . The company operates a financing model for small businesses that has drawn scrutiny: it invests in shops by taking a daily revenue share rather than equity or debt, which founder Li Xiaojia describes as "phased decreasing equity"—not quite equity, not quite debt . Under this structure, Micro Connect has invested in roughly 600 brands and over 10,000 shops, with total deployed capital around RMB 2.5 billion as of late 2023 . The model's risk controls and legal classification have been debated in the market, with critics like Song Xiangqian arguing its substance resembles lending .
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