Han Kun and King & Wood Mallesons help crossing-border financing between Micro Connect and HSBC

Han Kun and King & Wood Mallesons

Micro Connect, a financial platform founded by former HKEX CEO Charles Li, signed a USD25 million asset-backed loan with HSBC. Han Kun Law Offices served as the perennial legal advisor of Micro Connect.

The loan is a financing securitization plan designed by HSBC for Micro Connect through HSBC’s Greater Bay Area + Technology Credit Fund, which will help Micro Connect further develop its new assets class Daily Revenue Contracts. HSBC is the sole loan structuring advisor, lender, financing and mortgage agent for this transaction.

King & Wood Mallesons provided advice to HSBC, and the leading partners included Hu Zhe from the Shanghai office, and partners Richard Mazzochi, Minny Siu, and Xue Jiacong from the Hong Kong office.

Micro Connect has completed a USD70 million Series B financing in March 2022. Participated investors include Horizons Ventures, Lenovo Capital and Incubator Group, Sequoia China, made its total equity financing to USD120 million.

The company mainly provides financing channels for small and micro enterprises. The Daily Revenue Contract that they created allows investors to focus on small and micro stores in China directly, spready, in small amounts and large quantities.