Blockchain and AI technology company Seven Stars Cloud Group Inc. will help a major Chinese bus-service operator raise $24 billion through its blockchain ecosystem to support large-scale upgrading of electric buses.
Seven Stars Cloud said in a press release that it signed a three-year $24-billion deal with National Transportation Capacity Co Ltd (NTS) to issue fixed income lease financing-based products through its regulatory compliant blockchain ecosystem, including one campaign based in China and the other open to the global markets.
The Chinese government's regulations call for all buses in the country to be replaced with electric buses by 2021.
The mandatory replacements and upgrades to achieve fully electric bus operations in China is estimated to cost 1 trillion RMB ($145 billion). NTS is the largest full-service operator of electric buses in the country.
Under the terms of the deal, Seven Stars, through its global strategic alliance network, will provide two financing campaigns, one in China and the second across global markets. For the China-based financing, SSC will raise $8.75 billion through the sale of fixed income products. For the global markets financing activities, SSC will exclusively provide both fixed income and asset digitization products to raise $15 billion.
by Joji Xavier
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