Chinese Financial Social Media Snowball Announces $10 million Series B Funding

Chinese Financial Social Media Snowball Announces $10 million Series B Funding

By Tracey Xiang on June 5, 2013

Snowball Finance, a Chinese online financial service, today announced $10 million Series B round of funding from Sequoia China and Morningside Ventures. Simon Fang, founder and CEO of Snowball, said the funding will be used for product development and talent. The company owns a financial news site, iMeigu, and a financial social network, Xueqiu. iMeigu, launched in May 2010, has been focusing on U.S. stock market, while Xueqiu also covers Hong Kong stock market and China’s A-share market. Xueqiu doesn’t only has a Facebook’s Newsfeed-like platform, but also offers stock quotes, business news and analysis reports for each stock on those markets. Now being one of the most popular social networks for Chinese investors, it has attracted a large number of professionals in financial sector to contribute financial analysis reports. Xueqiu apps are available for iOS and Android. Established in 2010 by Simon Fang, former deputy editor-in-chief at NetEase’s online media, Snowball received RMB 20 million ($3.2 million) Series A funding from Sequoia China in 2011 and angel investment from Xue Manzi earlier.


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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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