Data exchange announces 1b yuan investment in upgrade of services

Shanghai Data Exchange Co, which announced a new round of financing on Friday, plans to invest 1 billion yuan (US$143 million) of yuan this year on data services and intelligent infrastructure to boost the city’s digital economy and improve urban management.

The exchange, which offers more than half of the data transactions on the Chinese mainland, said it had raised "much more than 100 million yuan." It will make huge investments in upgrading systems and services to conduct another round of financing later this year, said Tang Qifeng, its chief executive.

Zhongnan Capital and Hu Yu Equity Investment are the investors in this round with unclosed detailed financing figures.

The exchange is a major tech supplier in the building of Shanghai’s city-level unified management system, consisting of data analysis, sensors and data centers, said Tang.

It will provide data infrastructure construction and professional services for government agencies and industrial companies, covering data opening, data circulation and data services.

The exchange currently has over 500 clients, most of them large enterprises with a huge volume of data.