Chinese commercial vehicle smart finance and service platform Lionbridge Financing Leasing Company secured a Corporate round of funding from CCB Trust (建信信托) on August 20, with the deal size undisclosed.
So far, the company has closed four rounds of funding, boosting its valuation to USD 922 million. CCB Trust’s investment is the second round of Corporate funding Lionbridge completed in 2019. The company was invested by China Merchants Capital (招商局资本) on February 13. Two strategic investors introduced this year are both state-owned companies.
Lionbridge was taken over by Bain Capital, a US-based private equity firm, through M&A in 2014, two years after its founding, and it closed its first Corporate financing round on July 11 in 2018 raising CNY 1 billion from Baidu (百度) and Riverhead Capital (阳光融汇资本).
Proceeds from the deal will further enhance Lionbridge’s capital strength. In addition, partnering with CCB Trust will generate synergy benefits for both parties in terms of clients, products and capital.
Lionbridge is committed to creatively combining financial capital and industrial operation. It specializes in services for industries such as logistics transportation, auto finance, health care, and new energy, etc. The company owns the first used commercial vehicle trading platform and the largest logistics vehicle fleet in China.
CCB Trust is a non-banking financial institution that provides fund, movable and immovable property, and marketable securities. The firm is taken control by China Construction Bank and has USD 199 billion assets under management by the end of 2018.