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Aug. 20, 2018, 8:25 a.m. EDT

Seven Stars Cloud Group wins $24 billion deal to fund upgrades of China's bus system

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By Ciara Linnane

Seven Stars Cloud Group Inc. shares soared 149% in premarket trade Monday, after the company said it has won a $24 billion, three-year deal to provide fixed income lease financing-based products to fund upgrades of China's buses and make them electric by 2021 as mandated by the government. The deal is with National Transportation Capacity Co. Ltd., which is China's biggest full-service operator for electric buses with sales, lease financing, a charging station network and real-time data services that include payments, maps and facial recognition. Seven Stars will provide two financing campaigns, one in China and one across global markets. The China campaign aims to raise 60 billion RMB, or about $8.75 billion over three years. The global markets campaign will aim to raise $15 billion over three years. "This is a truly ground-breaking deal globally for blockchain-based fintech companies to gain such a large-scale, asset-backed, contract," Seven Stars Chief Executive Bruno Wu said in a statement.

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