KUN, a stablecoin-based payment and financial infrastructure services platform, has secured $6 million in funding from Chinese fintech firm MOG Digitech Holdings Limited.
Through its indirect wholly-owned subsidiary Zhongbao HK, Hong Kong-listed MOG Digitech has agreed to subscribe for 750,000 preferred shares at a total consideration of $6 million, at a pre-money valuation of $100 million, according to an exchange filing.
The proceeds, which brought the firm’s total capital raised to $50 million, were part of a funding round that saw the participation of several venture investors, including BAI Capital (formerly Bertelsmann Asia Investments), Eternium Global, and GSR Ventures.
KUN will leverage the funding to deepen its R&D and investments to level up the security and underlying infrastructure of its cross-border transaction system.
KUN is a stablecoin-based payment and financial infrastructure services platform in Asia, with payments, asset management, and card issuing as its main business lines. Established in both Hong Kong and Singapore, the firm primarily serves emerging markets, including the Greater Bay Area, Southeast Asia, the Middle East, Africa, and Latin America.
KUN has hit a “year-on-year hypergrowth” as the firm’s total processing value saw an over 200 times growth in April 2025, per the filing. The stablecoin-based payment firm is expected to bring the total processing value to $5 billion in the financial year of 2025.
Yet, KUN’s unaudited post-tax net loss widened to almost $3.8 million in 2024 from $18,000 in 2023, per the filing.
KUN is not the only firm that has been riding on a funding tailwind, as the Stablecoin Ordinance, the licensing regime for fiat-referenced stablecoin issuers in Hong Kong, comes into effect on August 1. The ordinance signifies how the special administrative region of China is marching ahead in its regulatory framework for digital asset activities.
On Wednesday, ZA Global, the international business unit of Hong Kong-listed insurtech firm ZhongAn Online P&C Insurance, also led a $40-million Series A2 round in stablecoin infrastructure firm RD Technologies, just two days before Hong Kong’s regulatory regime for stablecoin issuers takes effect on Friday.
CHINA DEAL MONITOR
DealStreetAsia has also compiled a table listing all prominent venture capital transactions in Greater China from July 21 – 27, 2025.
| Startup | Headquarters | Investment size (Million USD) | Investment stage | Lead investor(s) | Other investor(s) | Industry/Sector | Vertical |
|---|---|---|---|---|---|---|---|
| Limx Dynamics | Shenzhen | Strategic Investment | JD.com | Business Support Services | Robotics & Drones | ||
| GCL Perovskite | Kunshan | 27.9 | C2 | China Cinda, SAIF Partners | Energy Storage & Batteries | N/A | |
| Spirit AI | Hangzhou | 83.6 | Pre-A+ | JD.com | China Internet Investment Fund, Zhejiang Province Technology and Innovation Fund-of-fund, Fosun RZ Capital, Huatai Zijin Investment, Zhuhai Technology Industry Group, Shunwei Capital, Tsinghua Holdings Capital (TH Capital), Highlight Capital (HLC), Fibonacci VC, Eminence Ventures | Business Support Services | Robotics & Drones |
| EngineAI Robotics Technology | Shenzhen | 139.3 | Pre-A++, A1 | Pre-A++: Rocket Capital, A1: JD.com | Pre-A++: SenseCapital (under SenseTime), Highlight Capital (HLC), Xunshang Venture Capital, Baohe Venture Capital, A1: CATL Capital (under CATL), Yintai holdings, Tsinghua Holdings Capital (TH Capital), SenseCapital (under SenseTime), Highlight Capital (HLC), Xunshang Venture Capital, Baohe Venture Capital, Fortune Capital, Huangpu River Capital | Business Support Services | Robotics & Drones |
| SPINQ | Shenzhen | 14* | B | CCB Private Equity Investment Management, Liangxi Science City Development Fund, Xingkong Investment, Hua Qiang Capital, Jiusong Fund | Semiconductor | N/A | |
| Infrawaves | Beijing | 14 | A+ | Fortera Capital, Shanghai Growth FOF | Lamayi Chengfa Fund, Zhangjiang Suixin Fund, G&O Capital | Semiconductor | AI and Machine Learning |
| BrioHealth Solutions | Suzhou | 100 | Strategic Investment | Beijing Mentougou Zhuxin Fund, Gaorong Ventures, Neovision Capital | China Growth Capital, HongShan, Beijing Advanced Industry Investment Fund | Medical Devices & Equipment | N/A |
| VivaVision Biotech | Wenzhou | 14 | D2+ | Wenzhou Ouhai Xiangtou Yicun Equity Investment | Guangdong Technology Financial Group, Renze Zhenhe, Lapam Capital, V-Capital | Healthcare Specialist | N/A |
| Resolar | Shanghai | 1.5* | A | CPI Ronghe New Energy Technology, CITIC Envirofund, Bright Venture Capital | Environmental Services | CleanTech | |
| Horen | Shanghai | 18.1 | F | Timesbole | Business Support Services | N/A | |
| Silicom Integrity Semiconductor Technology | Nanjing | 55.7 | Hua Capital, Shengzhanxin Fund, Yushan Capital | Semiconductor | N/A | ||
| Zhizi Automobile Technology | Xianyang | 14* | B | Automobiles & Parts | Electric/Hybrid Vehicles | ||
| Guoke Semiconductor Optoelectronic | Jincheng | 14 | A | Taixing Fund, Shanxi Securities Investment, Soaring Capital, Leading Capital, Shanghai Yuhao | Semiconductor | N/A | |
| TuringQ | Shanghai | 14 | Strategic Investment | Prosperity Investment | Semiconductor | N/A | |
| Fly Cruise Technology | Beijing | 1.5* | Pre-A | Shenzhen Guozhong Venture Capital Management | Chunde Investment | Aerospace | Space Tech |
| Allcorehatress | Beijing | Strategic Investment | Invengo | Business Support Services | AI and Machine Learning | ||
| Jinmao | Xiamen | 14* | A | Chifortune Venture Capital | Shanxi Yaxin Group | Automobiles & Parts | Electric/Hybrid Vehicles |
| Ribo Life Science | Suzhou | 27.9 | Mingxin Capital | Everest VC, Kunshan Hi-Tech Group, Kunshan Guoke Venture Capital, Chouqin Venture Capital, Panlin Capital, Shenzhen Xinchuang Yihe | Biotech | N/A | |
| Coling | Jiaxing | 1.5* | Seed | HEC Group | Heating, Cooling & Ventilation Equipment | N/A | |
| Yarbo | Shenzhen | 14 | B+ | CAS Investment Management, CICC Capital, Jiuyang Venture Capital | Consumer Products | Robotics & Drones | |
| I-NAV Technology | Shenzhen | 14 | A | Jinshi Qizhi Weilai Fund | Business Support Services | N/A | |
| Xiaojiang IOT | Ningbo | 1.5* | Aangel+ | Plum Ventures | Consumer Services | N/A | |
| KuaiQian Financial Services | Shanghai | 33.4 | Acquisition | Shanghai Ruyi Xingchen Enterprise Management | Financial Services | Fintech | |
| Haikonghang Aerospace Technology | Jiangmen | 1.5* | Angel | Yueke Venture Capital, Pingyun Technology | Aerospace | Robotics & Drones | |
| Sirami Technology | Beijing | 1.5 | Angel+ | Lianyungang Hi-Tech Investment, Tsinghua Innovation Ventures, Shangshi Capital, Xici Zhongyou | Semiconductor | N/A | |
| AiFang Biological | Changsha | 1.5* | Initial | Xing Xiang Capital | Healthcare Services | Biotech | |
| Guangxiang Technology | Beijing | 1.5* | Seed | Industrial Machinery | AI and Machine Learning | ||
| Surpine | Shanghai | 1.5* | Pre-A | Jiebai Consumption Fund | Consumer Products | N/A | |
| Zonsen PepLib Biotech | Zhuzhou | 14 | B | Pharmaceutical | Biotech | ||
| Buffun | Shanghai | 14.3 | Hanyi Fonts | Consumer Products | N/A | ||
| Shengyongcheng Semiconductor Technology | Shanghai | Pre-A | Chengdu Capital Group | Semiconductor | N/A | ||
| Differential Robotics | Hangzhou | 14 | Pre-A | Lightspeed China Partners | Aerospace | Robotics & Drones | |
| KUN International Digital Technology | Hong Kong | 6 | a subsidiary under MOG Digitech Holdings | BAI Capital, Eternium Global, GSR Ventures | Financial Services | Blockchain | |
| Abiochem Biotechnology | Shanghai | 62.7 | Juli Merger and Acquisition Fund (under SDIC Juli), Juli Hangshi Fund (under SDIC Juli) | Biotech | Biotech | ||
| ReedPilot | Beijing | 1.5 | Seed | Kylinhall Partners | Aerospace | Space Tech | |
| Booster Robotics | Beijing | A+ | Beijing Robotics Industry Development Investment Fund, Beijing Artificial Intelligence Industry Investment Fund, Broad Vision Funds | Business Support Services | Robotics & Drones | ||
| Cloudsky | Shenzhen | 100 | D | Liangxi Shuzi Fund-of-fund | Business Support Services | Cloud Computing | |
| Zenergize | Shanghai | 1.5 | Seed | Yunqi Partners | Baidu Ventures, L2F (under Lighthouse Capital) | Business Support Services | AI and Machine Learning |
| Zeron | Suzhou | 69.7 | A | Momenta, Xinghang Venture Capital, Chentao Capital/Cherish Capital | Guofa Wenxin, Loudong Industry Fund, Deying Capital, Xinjing Fuying, Vision Plus Capita, Caitong Capital, Ondine Capital, Skyview Fund | Automobiles & Parts | Electric/Hybrid Vehicles |
| CAS Cold Atom | Wuhan | 1.5* | Strategic Investment | Xinguang Quantum Fund, Optics Valley Angel Fund, Hubei Kechuang Angel Fund, Richinfo | Semiconductor | N/A | |
| Hydrogen E Energy Science & Technology | Beijing | 1.5* | Shanxi Shuangneng Research Centre | Energy Storage & Batteries | N/A | ||
| Megix Tech | Shenzhen | 1.5* | Angel | Zaoxingren Venture Capital | Consumer Products | N/A | |
| SoMark | Shanghai | Seed | MiraclePlus | Software | N/A | ||
| KQ Geo Technologies | Beijing | 7 | Jinfa Labi Maternity & Baby Articles | Software | N/A | ||
| Xiaohe Technology | Wuhan | 0.1* | Angel | Wuhan Shouyi Venture Industry Investment Fund-of-fund | Business Support Services | Robotics & Drones | |
| Newish | Wuxi | 1.5* | B1 | Botong Capital, Wuxi Venture Capital Group, Zhuoyue Meijia | Pharmaceutical | Biotech | |
| Hong Qing | Beijing | Strategic Investment | Wuhan China Xinke Capital (under CICT) | Aerospace | Space Tech | ||
| HS SynBio | Tianjin | 1.5* | Pre-A | Bohai Securities | Tianjin Haitai Haihe Biopharmaceutical Industry Fund, Tianjin Kechuang Angel Investment | Biotech | N/A |
| Zhiqing Cloud | Beijing | 1* | Angel | SJ Jiacheng Investment Management (affiliated with Shengjing Technology)/Peakview Capital | Houxue Capital, L2F (under Lighthouse Capital) | Semiconductor | N/A |
| PixelBloom | Beijing | B3 | E-town Capital | Innoangel Fund, Tsinghua Capital, Sheng Faqiang (Individual Investor) | Business Support Services | AI and Machine Learning | |
| Litai New Energy | Nanjing | 1.5 | Angel | CAS Star | Energy Storage & Batteries | N/A | |
| Tachin | Beijing | 1.5* | Angel | Zhaowei | Semiconductor | Robotics & Drones | |
| Stepfun | Shanghai | Shanghai State-owned Capital Investment | Business Support Services | AI and Machine Learning | |||
| Editact | Hong Kong | Pre-A | Hong Kong Biotechnology Fund (managed by Shanghai Industrial Investment) | Nan Fung Life Sciences, E-Fund | Pharmaceutical | Biotech | |
| Jingrui Guangzhao | Hefei | 166.5 | Nexchip Semiconductor Corporation, Anhui State-owned Capital Operation Holding Group, Hefei Jianxiang Investment , Hefei Jinghui Chuangxin Equity Investment Fund, Qingdao Gaoxin Zhihui Venture investment, Hefei Jinghui Juxin Investment Fund, Hefei Jingguan | Semiconductor | N/A | ||
| Coreway Optech | Chengdu | Guolian Jintou Zhiyuan | Semiconductor | N/A | |||
| Bopixel | Beijing | Beijing New Materials Industry Investment Fund, Beijing Advanced Manufacturing and Smart Equipent Industry Investment Fund | Industrial Machinery | N/A |
