The U.S. Securities and Exchange Commission (“SEC”) decision to block a Chinese-led investor group from buying the Chicago Stock Exchange ends a two-year campaign to turn the small , 136-year old exchange into a venue for international IPOs. It also marks the latest in a string of blocked deals involving Chinese companies trying to buy major U.S. assets.
US-based bike sharing company LimeBike has raised a US$70 million B+ round, the company announced today. The funds will suppport the company’s expansion beyond its core bike rental business, to include electric bikes and scooters, differentiating it from Chinese bike sharing giants such as Mobike and ofo.
Chinese online retailer JD.com, Inc. has announced a US$2.5 billion funding round for its logistics subsidiary, JD Logistics. The funding likely values the company at around US$13.5 billion ahead of an anticipated initial public offering later this year.
A unit of Ant Financial Services Group has agreed to invest RMB200 million (US$31.5 million) in a Chinese smart parking company to jointly expand and accelerate the deployment of smart parking operations throughout China.
China’s embattled HNA Group is again selling assets to pay down its debt burden. In a statement to the Hong Kong stock exchange Tuesday, HNA unit Hong Kong International Construction Investment Management Group Co Ltd said it will sell two Hong Kong properties to Henderson Land Development Co Ltd for HK$16 billion (US$2 billion).
Chinese companies issuing bonds can no longer seek debt guarantees from local governments, or tell their investors that their bonds are backed by local governments, according to a new measures announced by China’s top State planning body. A notice detailing new rules for corporate bond issuance issued Monday by the National Development and Reform Commission stated: “It is strictly forbidden for reporting enterprises to require or accept the local government and its subordinate departments in various names to provide guarantee …
An investor corsortium led by funds managed by CITIC Capital Holdings Ltd. and Chinese media firm Caixin Global has reached an agreement to acquire a unit of London-listed Euromoney Institutional Investor PLC for US$180.5 million, the firms announced today.
SB China Capital (SBCVC)and Youku Tudou are among investors who have likely lost tens of millions of U.S. dollars as popular Chinese youth video sharing platform AcFun shut down operations yesterday.
Tencent Holdings Ltd. said it plans to invest RMB3 billion (US$474 million) in Chinese online gaming firm Shanda Games in exchange for an undisclosed stake in the target company, according to an official announcement.
China will need to upgrade its regulatory framework and infrastructure before it becomes a leader in the autonomous vehicles space, according to a study by KPMG. In the report, China came 16th on a list of 20 nations in terms of readiness for autonomous vehicles, just below Spain, but ahead of Brazil, Russia and India.
Chinese online retail and logistics giant JD.com has outlined plans to expand in Europe over the coming years, setting the stage for a showdown with both Amazon and Chinese online retail rival Alibaba. Speaking with media, Richard Liu, founder and chief executive of JD, said his company will launch its first European e-commerce sales and delivery services in France, then roll out services in the United Kingdom and Germany. Liu estimated the company would spend at least 1 billion euros …
China has a new way to deal with its growing pile of bad corporate debt with the establishment of the nation’s first online distressed asset exchange. China Huarong Asset Management Co Ltd, a large state-owned asset manager, last week launched an online platform for bad debt transactions named the Huarong Zhongguancun Distressed Asset Exchange Co. The new entity is the first institution in China dedicated to the trading of bad debt and will have a registered capital of RMB500 million (US$80 …
The Chinese government is planning additional steps to crack down on cryptocurrency speculation in that country, according to domestic media reports. A series of new regulatory measures will be taken in the coming weeks against initial coin offerings (ICO) and virtual currency transactions conducted in China and abroad, including the possible banning and disposal of domestic and foreign virtual currency exchange websites and related businesses, according to the Financial Times of the People’s Bank of China (PBOC), and reported on …
Baidu Venture Capital (BV), the early-stage investment unit of Baidu Inc. focused on artificial intelligence investments, has completed the first closing of its second RMB fund, having raised nearly RMB2 billion (US$317 million), according to a WeChat post by the firm. Together with BV’s first RMB fund and a US dollar fund, the firm has total assets under management of around RMB3 billion (US$476 million), the company said. External investors joined the fund for the first time as limited partners, …
Alibaba Group Holding Ltd. reported quarterly results today and said that it has agreed to a 33% stake in Ant Financial to end the current profit-sharing arrangement between the parent company and its financial services affiliate.
Chinese autonomous vehicle startups JingChi Inc. and Pony.ai, both founded by former executives of tech giant Baidu Inc., have launched public tests drive programs for the first time in the southern city of Guangzhou, despite the threat of litigation by their former employer.
Ping An Global Voyager Fund has led a US$25 million round in Tyto Care, a telehealth company with offices in New York and Israel that conducts comprehensive examinations and telehealth visits, the company announced today.
Canada Pension Plan Investment Board (CPPIB) and Chinese property developer Longfor Properties Co. Ltd announced today they are extending their cooperation to include two new mixed-use real estate development projects in Chengdu and Shanghai in China, for a total CPPIB commitment of approximately RMB4.2 billion (US$663 million).
Pan-Asia private equity firm Baring Private Equity Asia said that its affiliated private equity funds have sold Korean cement business Halla Cement to Taiwan-based Asia Cement for a total enterprise value of US$723 million, marking a quick exit for a business it acquired less than two years ago.
Suning Finance, the financial services unit of Chinese electronics retailer Suning Commerce Group Co., Ltd., has raised RMB5.335 billion (US$814 million) from 15 investors including Yunfeng Capital, an investment firm co-founded by Alibaba’s executive chairman Jack Ma.
Warburg Pincus today announced it has raised Warburg Pincus Financial Sector, L.P. with US$2.3 billion. The fund, launched in June 2017 with a target of US$1.6 billion, is a companion fund to Warburg Pincus XII, L.P., a US$13.4 billion private equity Fund that closed in late 2015.
Google is deepening its push into artificial intelligence (AI) by opening a research center in China, its chief scientist in AI and machine learning Fei-Fei Li said during the Google Developer Days event in Shanghai today.
Lion Rock FinTech Ltd., a Hong Kong-based fintech company, has raised HK$50 million (US$6.4 million) in an equity financing led by Marathon Venture Partners.
Chinese insurer Ping An Insurance Company of China Ltd. has emerged as the second-biggest shareholder in HSBC Holdings, as Ping An’s asset management arm acquired an additional 10 million HSBC shares on Tuesday, taking its total shareholding in HSBC to 5.01% from 4.96%, Ping An disclosed in a filing today.
KKR today announced a newly promoted group of 23 members, which are KKR’s equivalent of partners, and 44 managing directors, effective from January 1, 2018. Two members and five managing directors in Asia Pacific are among the newly anointed top ranks at one of the largest private equity firms in the world with US$153 billion assets under management as of September 30, 2017.
Sequoia China has become a strategic investor of Income Partners, an independent Asia fixed income asset manager managing primarily single issuer and sovereign bonds across both U.S. dollar and Asian local currencies, with a focus on offshore and onshore RMB, the parties announced today.
Alibaba Group Holding Ltd. has led a US$335 million series E round in Chinese used car online transaction platform Souche, with participation from Warburg Pincus, Primavera Capital and CMB International. This round takes place less than 12 months after the a US$100 million series C round completed in November 2016 led by Ant Financial, and less than 6 months after a US$180 million series D round completed in April 2017 led by Warburg Pincus. After this round of financing, Alibaba …
A fund managed by Cathay Capital Private Equity has led a series B2 round in Chinese autonomous driving tech start-up Momenta, with participation from GGV Capital.
Blue Ocean Capital Group, a Chinese private equity investment firm specializing in healthcare, TMT and innovative financial services, has sold its US$250 million investment in China Cord Blood Corporation (CCBC) to a unit sponsored by SanPower Group, a Chinese conglomerate.
China Renaissance Group has appointed Ke Wei, formerly a managing director at global private equity firm General Atlantic, as partner of its US$3 billion New Economy Fund. Wei will also become a member of the investment committee, and report to Fan Bao, chairman and CEO of China Renaissance Group, the firm announced.
The rise of a drinking culture at Chinese social gatherings, along with increased disposable income among younger consumers, are set to drive the value of China’s spirits market to over US$450 billion and take around 46.9% of global market share by 2021, according to analytics firm GlobalData.