(Bloomberg) -- Hong Kong fintech company FundPark has obtained a three-year $250 million private loan with HSBC Holdings Plc as a senior facility provider, the second such investment the firm has secured this year. 

The asset-backed security financing comes from HSBC’s $3 billion “new economy” facility focused on technology and health care in Hong Kong and mainland China, said Hay Yip, FundPark’s chief strategy officer & chief of staff, in an interview on June 21. HSBC will be providing up to $200 million as the senior lender, with the rest coming from other partners. 

HSBC’s facility follows another $250 million loan obtained in January with Goldman Sachs as a senior lender, which added to a previous loan of the same amount in 2022. The latest loan brings the startup’s total pool of funds to $750 million. FundPark provides mainly Chinese small- and medium-size ecommerce companies with working capital.

China was once seen as a key component of Asia’s private lending market until the nation’s property debt crisis pushed many investors to pull back on their exposure to the country. The FundPark deal stands out as a bright spot for direct lending in China as some investors shift from the property market to technology sectors. 

(Updates with details of the financing in paragraph two)

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