(Yicai Global) Aug. 31 -- Consumer financing platform Fundshare has brought in CNY80 million (USD12 million) through its pre-A-round financing led by Shenzhen Hangseng Electronics Co. [SHA:600570].

Jack Ma, founder of Chinese e-commerce giant Alibaba Group Holding Ltd. [NYSE:BABA], holds a 20.62 percent stake in Shenzhen Hangseng through Hangzhou Hangseng Electronics Group Co., in which he is the largest shareholder.

The funding round will be used for nationwide market expansion, product development, technical upgrading, brand building and to improve platform data services, said Wang Liang, chief financial officer at Fundshare.

Fundshare is a consumer financing platform invested in and operated by Shanghai Yinjun Technology Co. It offers installment credit to risk-assessed users with interest rates mostly borne by merchants. The platform started operations in the last quarter of 2016.