Micro Connect has amassed wealth of real-time data on China’s economy by financing small businesses in exchange for revenues
The New York trading powerhouse Jane Street has quietly invested in Micro Connect, a Hong Kong start-up that generates a wealth of unfiltered data on China’s economy using a new and complex form of financing. Jane Street, which has become one of the most profitable trading firms on Wall Street, bought a minority stake as part of the Hong Kong group’s most recent funding round last year, three people with knowledge of the matter said. It invested between $15mn and $20mn, one added.
Micro Connect, founded in 2021 by former Hong Kong stock exchange head Li and former Chinese provincial government official Gary Zhang, collects a percentage of stores’ revenues every day after extending funds to them. Since China is largely cashless, the revenues can be counted, split and handed over using electronic systems.
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