August 21, 2018

SSC to lead $24B financing to electrify Chinese buses

West Hartford-bound fintech Seven Stars Cloud (SSC) announced Monday it signed a deal to with China's largest electric bus operator to raise $24 billion to help electrify China's buses.

SSC said it signed a three-year deal with National Transportation Capacity Co Ltd (NTS) under which it will offer lease financing-based products to investors around the world to support the bus upgrades mandated by the Chinese government.

SSC said it will provide two financing campaigns with one in China and another covering global markets. The fintech said it expects to raise $15 billion through the global campaign.

The company did not disclose how much revenue it would receive from the deal.

In a statement, Bruno Wu, SSC's chairman and CEO, called the contract groundbreaking and said "it will serve as a window to the world on how asset value and liquidity can be unlocked by traditional industries as we take fixed income products into the digital era."

NTS President Jihong Huang said SSC's blockchain-based technology will rejuvenate traditional lease financing products by offering increased "flexibility, fractionalization, and global accessibility."

SSC last week said it recorded a second quarter net loss of $8.6 million, or a loss of 12 cents a diluted share, compared to a $3.8 million loss, or 6 cents a diluted share loss, in the year-ago period.

The state will provide SSC a forgivable $10 million loan for renovations at UConn's former West Hartford campus, where the company plans a major expansion that will lead to 330 jobs.

SSC will retain its corporate headquarters in New York.

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