Former HKEX CEO's firm launches fundraising platform

Micro Connect, co-founded by the former head of Hong Kong Exchanges and Clearing (HKEX), Charles Li Xiaojia, is set to officially launch its Micro Connect Macau Financial Assets Exchange (MCEX) aimed at helping small Chinese companies raise funds. The launch follows the announcement that Micro Connect raised USD458m in Series C funding, taking its valuation to USD1.7bn. The platform, which does not trade stocks or bonds, focuses on a new asset class known as daily revenue obligations (DROs), allowing institutional investors to support China's micro and small businesses. The move is seen as a way to assist small firms that usually struggle to obtain bank loans and boost Macau's financial activities.