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.
Baidu Inc. said it plans to set up a RMB10 billion (US$1.5 billion) Apollo Fund to invest in 100 autonomous driving projects globally in the next three years, as the Chinese Internet giant continues to push ahead its artificial intelligence strategy.
XW Laboratories Inc., a Chinese biopharmaceutical research and development company focused on neurological disorders, has raised US$17.5 million in a series B financing led by Elements Capital and WI Harper. New investo KTB Network, and all existing investors KPCB China, Johnson & Johnson Innovation and WuXi Venture, also participated.
Hong Kong’s Innovation and Technology Commission (ITC) has launched a HK$2 billion (US$256 million) co-investment scheme in a bid to stimulate private investment in local innovation and technology start-ups. Venture capital funds can apply to become co-investment partners of the Hong Kong government to back start-ups in series A and B round across all technology sectors, according to an official announcement today.
Alphabet subsidiary Google announced today that it has signed a US$1.1 billion agreement with Taiwanese smartphone maker HTC Corporation, in which certain HTC employees – many of whom are already working with Google to develop Pixel smartphones – will join Google. HTC will receive US$1.1 billion in cash from Google as part of the transaction. Separately, Google will receive a non-exclusive license for HTC intellectual property.
SoftBank Vision Fund, a US$93 billion investment fund backed by SoftBank Group Corp with a significant commitment from Saudi Arabia’s sovereign wealth fund, is considering a US$500 million investment in the Hong Kong initial public offering of ZhongAn Online Property and Casualty Insurance Co., Ltd. ZhongAn Online is China’s first Internet-only insurer jointly established by Alibaba Group, Tencent Holdings and Ping An Insurance in 2013. The company is geared toward raising US$1.5 billion in an IPO in Hong Kong at …
PAG Real Estate today announced the final closing of Secured Capital Real Estate Partners VI (SCREP VI), with US$1.9 billion in investor commitments, the Asian private investment firm said today.
TPG announced today that it has named Chang Sun as managing partner, China. Chang Sun was most recently the founder of Chinese agricultural business Black Soil Group Ltd and was chairman, Asia Pacific at Warburg Pincus before that. In his new role, Chang Sun will oversee TPG’s investment activities in China across TPG Capital Asia, TPG Growth, and The Rise Fund.
One day after China officially banned initial coin offerings (ICOs) in one of the harshest clampdowns on illegal fundraising activities, Hong Kong’s financial regulator said that ICOs are likely to fall under its purview.
Chines outbound mergers and acquisitions (M&A) deal value declined to US$80.7 billion year-to-date, down 43% from US$141.6 billion during the same period last year, as the Chinese government’s efforts to curb capital outflow continue to pressure China’s outbound deal-making.
Bain Capital has reached first closing of US$557 million for its Asian credit fund, as the private equity firm aims to capitalize on rising distressed debt investment opportunities in China and other countries in the region.
China-based start-up incubator and early-stage venture firm Withinlink, founded by Bessie Lee, the former chief executive of WPP China, has launched a second US$30 million fund focused on bringing American start-ups to China.
Eight Roads Ventures has launched its first dedicated China healthcare fund in a move that reflects continued focus of healthcare investments by Chinese venture investors.
TPG Capital Asia has acquired a majority stake in Taiwan-based clinical trial services provider OPC Holding Company. As part of the transaction, OPC’s founder Jason Chen will transition to the role of chairman. Additional terms of the transaction were not disclosed.
The Chinese central bank and regulators are considering banning initial coin offerings (ICOs) in the country, in the belief that the increasingly popular financing method may be illegal as defined by relevant securities laws, according to Caixin Magazine citing insiders at relevant institutions.
Abcfintech, a Chinese AI services provider targeting the financial services sector, has raised a total of US$30 million through an angel round and a series A round. Chinese venture capital firm Qiming Venture Partners led the round, with Source Code Capital, SIG Asia Investment and Welight Capital also participating, according to a company announcement.
Baidu Inc. said it plans to roll out a partially self-driving car by the second half of 2019 with its new partner, Chinese state-owned carmaker Anhui Jianghuai Automobile (JAC). Mass production will begin once the cars obtain necessary government approvals, the companies announced in Shanghai yesterday. The move comes after Baidu’s partnership with its former collaborator BMW AG fell apart a year after the pair said they planned to work together to bring the German automaker’s self-driving vehicles to China …
Chinese private equity firm Yunfeng Capital, co-founded by Alibaba’s chief Jack Ma, has led a RMB190 million (US$29 million) series C round in Kaistart, a Chinese restaurant and hospitality industry-focused crowdfunding platform. Chinese investment firm Certain Capital also participated.
The GTJA Investment Group has led a RMB300 million (US$45 million) series B round in Akeso Biopharma, a Chinese innovative biotechnology company.
Private clinic franchise Distinct Healthcare has raised a US$40 million series C round from Matrix Partners China, Tiantu Capital, China International Capital Co., Ltd, Qianhai Fund of Funds, and Shuimu Fund.
An investor consortium backed by Alibaba Group’s founder Jack Ma has agreed to acquire the Hong Kong and Macau operations of U.S. insurer Massachusetts Mutual Life Insurance Co., also known as MassMutual, for HK$13 billion (US$1.7 billion).
Andrew Ng (pictured), former vice president and chief scientist at Baidu Inc., has stayed busy since leaving the Chinese search engine in March. After launching online courses on artificial intelligence (AI), Ng’s latest move is to raise a US$150 million venture capital fund to back AI start-ups.
The much anticipated use of shared bikes as advertising platforms is here: Mobike has partnered with Shanghai Disney to promote deals at the amusement park’s official store in the city.
Venture capital deals in China saw a sharp slowdown in July as investors remain cautious in deploying capital to start-ups and companies. A total of 173 venture capital deals were recorded last month, down 21% from June, and 53% from July 2016. A total of US$2.6 billion was raised in July, a decline of 14% month-on-month, and 24% from a year earlier, according to data released by ChinaVenture.