On March 30, 2020, CCCIS China, A high-tech enterprise focusing on fintech and automotive aftermarket, announced the completion of Hillhouse Capital's 100 million yuan Series A financing, with China Xing Capital acting as the exclusive financial adviser for this round of financing. After receiving the capital injection, CCCIS China will further increase its investment in research and development, and continue to provide advanced technical solutions and services for the Chinese market, especially in machine learning, intelligent vehicle insurance and human injury management, as well as the Internet of vehicles and other cutting-edge industry application scenarios.
Founded in 2010, CCCIS China serves the entire industrial chain surrounding the automotive aftermarket, including property insurance companies, auto dealer groups, accident vehicle repair enterprises, oems and parts suppliers. We have advanced solutions in insurance technology, aftermarket maintenance, intelligent human injury management, Internet of vehicles, massive business data mining and artificial intelligence. Backed by the parent company's decades of global industry experience, CCCIS has not only helped insurance companies optimize and improve the level of auto insurance claims management, improved the risk control system and business intelligence analysis platform, but also introduced the DRP accident vehicle business cooperation ecology into China, helping the upstream and downstream enterprises in the insurance, auto repair, spare parts and other industries to improve the cooperation efficiency. Reduce operating costs and achieve mutual trust and win-win results.
Hou Que, senior vice president of CCCIS Group and general manager of China, said, "CCCIS has always attached great importance to deep integration with the Chinese market. Compared with other multinational high-tech enterprises, we have carried out three "localization", namely localization R&D, localization delivery and localization operation service, which is rare since the beginning of our establishment. This year, we introduced institutional investors for the first time, especially the recognition of Hillhouse Capital, a professional investment institution, which has achieved the most critical closed-loop construction for CCCIS China's localization strategy. Adhering to the tenet of 'staying true to our original purpose and returning to our roots', we are not only seeking to bring value to Chinese customers with first-class products and services, but also willing to integrate the benefits of our growth into China and share the results with our Chinese partners."
"Local financing for multinationals is more complex and requires more support from professional financial institutions," Hou said. In this round of financing, we cooperated closely with China Renaissance Capital, the top new economy financial institution in China. Thanks to the professional financing services and capital market strategies provided by China Renaissance, we helped the company successfully complete the transaction. We also look forward to China Renaissance continuing to work with CCCIS China in the future."
Regarding the investment, Huang Liming, partner of Hillhouse Capital, said: "As one of the few leading insurance technology companies that can localize and productize the operating experience of the international insurance industry and provide whole-process application solutions and consulting services, CCCIS China not only has excellent technical strength and execution ability, but also relies on technological innovation and industry experience to dig deep into the maintenance data value of auto insurance claims. For domestic head insurance companies and other customers to provide high-quality sustainable innovative solutions. We are optimistic about the investment opportunities brought by localization of the world's leading technology companies in the long term. We will fully support those companies like CCCIS China that have the opportunity to achieve win-win results and continuous value creation for consumers, insurance companies, maintenance companies and parts supply."
Wang Lixing, head of investment banking at China Prosperity Capital, said: "For multinational companies, no matter how successful they are in their home countries, it is necessary to implement localization strategies from multiple dimensions and adapt to the local market environment when entering such a huge and special market as China. After years of persisting in the localization of R&D, delivery and operation services, we are honored to help CCCIS China complete the localization of capital level, relying on the advantages of Chinese investors, further synergies with local resources, and leverage the company's successful experience. The independent financing of CCCIS China will help it to put more cutting-edge insurance technology solutions into practice in the Chinese market. It is a typical win-win situation for multinational enterprises in the Chinese market. We are looking forward to working with all parties to promote the development of China's fintech industry and to enhance the capital market support for the company and the industry."
Based on the accumulation of massive data over the years and profound insights into business and data, CCCIS China has helped its customers in China to achieve management efficiency and industrial ecological synergy with a number of cutting-edge intelligent technologies. In the future, CCCIS China will continue to innovate products and solutions, firmly implement the localization development strategy, empower the upstream and downstream partners of the ecosystem, and jointly promote the orderly and healthy development of the industry ecology.
