China’s healthcare sector is seeing a flood of new capital from from non-professional investors such as Chinese coal mining and factory bosses, according to James Huang, a managing partner at Kleiner Perkins Caufield & Byers (KPCB) China, who focuses on life sciences. As a result, valuations have become excessive, forcing more experienced investors to adopt new strategies to get ahead of the “dumb money.”
IDG Capital’s name appeared in a curious press release today. “Secoo: IDG Capital Will Continue to Support Undervalued Secoo After Restrictions Are Lifted,” it reads. Secoo Holding Ltd, a Chinese luxury e-commerce retailer that raised around US$140 million in a NASDAQ IPO last month, has seen its share price nearly halve during the past three weeks after shares began trading on September 22. The company’s ADR closed at US$6.97 apiece on October 12, compared to its IPO price of US$13 …
When China’s largest footwear retailer Belle International was delisted from the Hong Kong Stock Exchange in July following a US$6.8 billion take-private deal, the news was greeted with melancholy. “The Official Fall Of The King Of Shoes”, read one headline, catching the sentiment of the time.
“I’ve never seen two Chinese guys comparing (car) engines (like people do in Europe),” says Freeman Shen, founder of Chinese electric vehicle start-up WM Motor Technology Co., Ltd. “China doesn’t have a long driving culture…the car is more a tool for people to get from point A to B.”
Sequoia Capital China has raised US$50 million for a China focused fund, over a year after the venture capital firm started fundraising for the vehicle last September, according to a security filing.
Meituan Dianping, one of the largest Chinese on-demand local services providers, is said to be raising around US$3 billion from investors including its long-time backer Tencent Holdings Ltd., IDG Capital and other investors, people with close information of the matter said.
JingChi Inc., a Chinese autonomous driving start-up founded by Wang Jing, former head of Baidu Inc’s Autonomous Driving Unit, has raised US$52 million in a pre-A round led by Qiming Venture Partners. China Growth Capital, Nvidia GPU Ventures and other unnamed investors also participated in the round.
Canyon Bridge Capital Partners LLC, a private-equity firm backed by Chinese state-owned China Reform Fund Management, has agreed to acquire U.K. chip maker Imagination Technologies in a deal that values the British firm at £550 million (US$745 million).
China’s online ticketing market will be ruled by a single giant, following the announced merger of Maoyan, majority owned by Chinese television and film company Enlight Media, and Beijing Weiying Technology Co., Ltd., which is backed by Tencent Holdings Ltd.
Zhifei Li, founder of Chinese artificial intelligence firm Mobvoi, once joked in a Wechat post that the best business model for a Chinese AI company was to become an Internet celebrity via smart marketing and then pivot to become an e-commerce firm. But, he added self-deprecatingly, “because I’m not handsome enough and my Mandarin is terrible, I choose to sell premium hardware powered by our own proprietary AI technology.”
We just caught someone swimming naked. Beijing-based e-book mobile app developer Zhangyue publicly announced in 2016 that it had raised a financing round of US$100 million at a valuation of US$1 billion. It was, the company said, a genuine unicorn.
I am frequently asked why our China Unicorn Ranking has 108 unicorns, while some Silicon Valley-based data firms have the number at 45. How do we explain the vast difference?
Two of China’s leading online education companies, backed by a who’s-who of top venture capital firms, are embroiled in an ugly public relations fight involving pornography, alleged hacking and threatened legal action. The episode has caused an outcry from investors and industry participants, with the latest being Baidu Inc., an investor and former parent of one company, releasing a statement with harsh words for all involved. The facts are still unclear, yet it seems certain that both firms are destined …
When the market reaches into the pockets of average savers, it means real danger, warned one anonymous investor about the booming initial coin offering (ICO) sector in China. The fact is: That is exactly what is happening.
As pornography is banned in China, a Taiwanese firm wants to get some skin in the game.
WorkFusion, an artificial intelligence start-up focused on automating repetitive back-end work for companies, is now eyeing the Chinese market as part of its global expansion, replacing routine white-collar jobs as it goes.
An investor consortium headed by company management and leading Chinese investors including Hopu Investment Management Co. and Hillhouse Capital have agreed to take Singapore-listed Global Logistic Properties (GLP) private in a deal that values the logistic warehouse property firm at approximately S$16 billion (US$11.6 billion).
In case you haven’t heard, the next “big thing” after bike sharing has arrived. Welcome to the age of cashier-free convenience stores, the latest craze among venture capitalists in China. Since the launch of Amazon Go, the U.S. e-commerce giant’s retail store that requires no cashiers and no check-out, the concept has been quickly adopted in China and taken to a whole new level.
Chinese artificial intelligence start-up SenseTime has completed a US$410 million series B round, in what the company calls the largest private financing rounds ever closed by an AI start-up globally.
China’s largest e-commerce firm Alibaba Group Holding Ltd. said it has established a new company-wide committee to implement its strategy for the future and upgrade the group’s various business units.
Sweden may not be the most populous of nations, with just 9.8 million people. But the country that brought us the the Nobel Prize for science has given birth to a disproportionately high number of tech giants. Skype, the Internet calling service bought by Mcirosoft, digital music service Spotify, popular mobile game Candy Crush and Minecraft developers King and Mojang, are all Swedish entities.
“Look, they are stopping traffic for us,” I told my fellow passengers, pointing to a Dalian city police car driving in front of our beige mini-bus.
What do you do when your closest rival raises a record financing round? Complete a larger fundraising and set a new record, of course.
Shanghai-based bike sharing company Mobike has begin a trial to monetize its vast network of five million bikes around 100 cities globally by selling raincoats at RMB268 (US$39.5) apiece, in its first major attempt to make money outside of charging users for rides.
CMC Capital Partners, a venture capital and private equity firm founded by former president of Shanghai Media Group Li Ruigang, has raised US$600 million for its second U.S. dollar-denominated fund at its hard cap.
Millions of ambitious young people wake each morning wanting to “change the world,” but few have as ambitious a goal as Bill Liu, founder of Chinese flexible display company Royole Corporation. If Thomas Friedman argued that “the world is flat,” then Bill Liu’s mission is to bend, curve and roll up that world.
Nervous investors dumped shares and bonds of Dalian Wanda Group Co. today, as reports of elevated regulatory scrutiny regarding the company’s overseas borrowings caused widespread panic. Shares of Fosun International, named as one of a number of companies whose overseas debt is being investigated by regulators, also tumbled, along with its pharmaceutical unit.
A number of investors in Focus Media Information Technology Co., Ltd. are likely to reaped billions of U.S. dollars in profits after they offload their shares in the Chinese outdoor advertising company that was taken private in 2013 and re-listed in China two years later. According to a disclosure filing yesterday, Chinese private equity firm FountainVest Partners, Tencent Holdings Ltd. and CITIC Capital plan to sell their interests in Focus Media totaling around 14% of the company’s outstanding shares. The …
Wanda Cinema Line Corp., the film division of Chinese conglomerate Dalian Wanda Group, has teamed up with Tencent Holdings’ gaming, film and online reading units to co-develop, bundle and cross-promote intellectual property (IP), the firms announced overnight.
As city streets in China become a theater for the current venture capital-fueled bike rental start-up frenzy, the two biggest bike rental companies in the country, Shanghai-based Mobike and Beijing-based ofo, are both raising massive new financing rounds totaling nearly US$1 billion. Mobike is raising a new round worth several hundred million U.S. dollars, which would be its series E round 14 months after its official launch. The round would value the young start-up at as much as US$3 billion. …
Asgardia, a non-profit organization aiming to create the world’s “first space nation” announced plans in Hong Kong yesterday to launch its first physical presence into space: a tiny satellite the size of a loaf of bread that can be used by “citizens” of the currently digital nation to store private data.