DJ EQS-News: Sheng Ye Capital and Tencent Co-lead Strategic Investment in Mengcheng Technology to Accelerate Digitalization of the Infrastructure Sector
EQS-News / 12/08/2021 / 10:10 UTC+8 [Press Release]Sheng Ye Capital and Tencent Co-lead Strategic Investment in Mengcheng Technology to Accelerate Digitalization of the Infrastructure Sector
Hong Kong, August 12, 2021 - Sheng Ye Capital Limited ("SY Capital" or the "Company", stock code: 6069.HK), a leading supply chain fintech platform, announced that it has recently completed a joint investment with Tencent into Beijing Mengcheng Technology Co., Ltd. ("MC Tech"), a leading Software as a Service ("SaaS") provider of engineering management solutions for the infrastructure sector. Under the equity investment, the Company together with Guangxi Tencent Venture Capital Co. Ltd (????????????) will invest in MC Tech's series B financing round. Other co-investors in this round include existing shareholders such as China Growth Capital(????)and Eastern Bell Capital (????). The funding proceeds will mainly be used for marketing, product research and development, and team expansion for MC Tech.
This joint investment marked another important milestone in the partnership between SY Capital and Tencent. Sheng Ye Information Technology (Shenzhen) Co., Ltd ("SYIT"), a wholly owned subsidiary of the Company, and Tencent Cloud Computing (Beijing) Co., Ltd. ("Tencent Cloud") recently reached a collaboration agreement in which both companies will leverage SYIT's smart supply chain and digital fintech capabilities, as well as Tencent Cloud's expertise in cloud computing, big data, blockchain, AI and internet of things ("IoT"). The initiative involves the joint development of a "Smart Construction + Digital Supply Chain" platform which will accelerate the creation of an industrial IoT ecosystem for the infrastructure sector. The joint investment in MC Tech once again demonstrates the confidence of both parties in the digitalization of the industry.
As a part of the equity investment, SY Capital also signed a strategic collaboration agreement with MC Tech to work closely in areas including supply chain finance, intelligent digital infrastructure management, and smart construction sites. Leveraging SY Capital's industry resources and supply chain technological capabilities, both parties will harness engineering project management data and digital technology to tailor flexible financial solutions for enterprises within the supply chain ecosystem.
MC Tech is a leading SaaS provider of engineering management solutions for the infrastructure sector. Established in 2017 and headquartered in Beijing, its flagship product is a proprietary SaaS application and data platform that provides a work breakdown structure ("WBS") for project management that helps to dissect projects into smaller deliverable components, empowering teams to better define standards, integrate data, and improve overall data objectivity and efficiency. The company currently manages project investments of over RMB 3 trillion spanning more than 5,000 infrastructure construction projects, including railway, highway, and municipal engineering. Some of MC Tech's key customers include central enterprises, state-owned enterprises, and private enterprises. Its solutions are also highly acclaimed by numerous project managers and engineers.
As the first supply chain financial technology platform listed on the Hong Kong Stock Exchange, SY Capital applies SaaS solutions and big data analytics to break down information barriers, intelligently links assets to capital, and provides one-stop supply chain SaaS, industrial IoT, and digital financial solutions for enterprise customers. SY Capital's technology platform has been deeply involved in the digital ecosystem of more than 10 major industries, managing more than RMB 100 billion in accounts receivable on a cumulative basis and providing flexible supply chain financial services to more than 8,000 small and medium-sized enterprises.
In relation to this financing round, Mr. Yang Wanyong, Founder and Chairman of MC Tech, said, "Digital transformation is not only a core engine for the transformation and upgrading of the industry, but also a key driver for development of construction enterprises. MC Tech's capabilities in digitalizing construction project management, WBS data standardization for effective cost control and business integration and comprehensive SaaS-powered tools, allows us to build a strong foundation of engineering project digitalization, helping customers reduce their costs by 3 to 5% and improve work efficiency by over 10 times. These factors are also the foundation for this round of investment by Tencent and SY Capital. Our cooperation with SY Capital will be a mutually beneficial win-win collaboration which will combine our technological and fintech capabilities to further develop the industry ecosystem, nurturing innovation and creating a paradigm shift in the construction industry."
Regarding the strategic investment in MC Tech, Mr. Aaron Yuan, Chief Strategy Officer of SY Capital commented, "We are honored to be co-investing with Tencent in this round of financing, and also become MC Tech's strategic partner. Digital transformation is one of the key themes for the infrastructure sector and is also in line with SY Capital's strategic expansion in the industrial technology segment. We look forward to working together with the teams at MC Tech to jointly launch a full suite of services encompassing 'SaaS project management + supply chain digital finance'. At the same time, we will also provide MC Tech with the necessary industry resources and support in supply chain finance to help strengthen the company's leading position in the industry."
Going forward, with the development of the digital economy, smart construction and digital transformation have become a natural progression and the de facto trend in the infrastructure sector. Guided by its "Dual Engine + One Platform" growth strategy, SY Capital will constantly explore opportunities for investments in various supply chain technologies and collaborate with strategic partners in establishing a smart supply chain service ecosystem.
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About Sheng Ye Capital Limited (HKEx: 6069.HK) Sheng Ye Capital (6069.HK) is a leading supply chain fintech platform. Through its Dual-Engine, One-Platform strategy, the company harnesses industrial technology and digital finance to create a comprehensive supply chain finance ecosystem. SY Capital leverages big data analytics to provide intelligent matching of assets to capital, offering a one-stop SaaS and fintech solution for enterprises and financial institutions, while effectively addressing the financing needs and pain points of SMEs within the supply chain ecosystem.
Sheng Ye Capital is listed on the Main Board of the Hong Kong Stock Exchange and is also a constituent of the MSCI Small Cap China Index, Hang Seng Composite Index and Shenzhen-Hong Kong Stock Connect. Some of the company's notable institutional investors include China Taiping Insurance, Olympus Capital and Temasek Holdings.
Media Contact Sheng Ye Capital Limited Kaylee Zhang Tel: 0755-6188 0088-842 Email: kaylee.zhang@shengyecapital.com
Christensen China Limited Shirley Chan Tel: +852 2232 3933 Email: schan@christensenir.com 12/08/2021 Dissemination of a Marketing Press Release, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com
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August 11, 2021 22:10 ET (02:10 GMT)
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