The New York trading powerhouse Jane Street has quietly invested in Micro Connect, a Hong Kong start-up that generates a wealth of unfiltered data on China’s economy using a new and complex form of financing.
Jane Street, which has become one of the most profitable trading firms on Wall Street, bought a minority stake as part of the Hong Kong group’s most recent funding round last year, three people with knowledge of the matter said. It invested between $15mn and $20mn, one added.
Micro Connect extends financing to small businesses such as noodle shops, karaoke bars and hair salons across mainland China and collects a proportion of their daily revenues in return. It has packaged those revenues into tradable financial securities.
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