Imagine walking your child to school, then discovering an hour later that you and your child’s image has been featured on state news simply because you happened to walk past a store that was just robbed. This type of invasive news coverage has just become reality in China thanks to a partnership between tech giant Alibaba Group and Chinese state newswires Xinhua News Agency.
This winter, people in Beijing and other major cities in China noticed more blue-sky days. This was a welcome sign of progress, until news reports surfaced about rural residents suffering freezing temperatures in their homes because coal-powered heaters have been banned while natural gas heaters, which were supposed to replace coal heaters, had not yet been installed.
The year 2017 will be remembered as a record setter for the Chinese private equity and venture capital industry, as the number of IPO exits secured by PE/VC firms this year almost doubled from a year ago. In fact, the number of IPO exits in 2017 is equals to half of all IPO exits recorded in the six years from 2011 to 2016.
Chinese private equity firm CDH Investments has reaching a first closing of RMB3.2 billion (US$484 million) for its fifth mezzanine fund, Ning Hu, a managing director at CDH Investments told local Chinese medial.
Chinese electric vehicle maker WM Motor confirms that Baidu Inc. and its investment arm Baidu Capital have joined a financing round in the Shanghai-based start-up, WM Motor’s founder and CEO Freeman Shen told China Money Network in a private message.
Yao Song, founder of upstart Chinese artificial intelligence (AI) start-up DeePhi Tech, has a nickname: “Boss Yao”. The 25-year-old Tsinghua University graduate has been on a winning streak so far. After securing a victory at a national physics competition championship, Yao was admitted into China’s top university to study electrical engineering without having to take the university entrance exam. While at Tsinghua, he chaired a prominent student science association and organized innovation competitions on campus.
Matrix Partners China, a joint venture fund between U.S. venture capital firm Matrix Partners and its Chinese partners, has revealed its biggest investment mistakes and lessons learned since being founded in 2008, offering insights into how even the smartest investors can miss great opportunities.
When you are Jack Ma, you never think small. The founder and executive chairman of Chinese technology giant Alibaba Group Holding Ltd. says he thinks that Yunfeng Capital, the private equity fund he co-founded, will one day rival the most powerful money managers in the world.
A year after its foundation and having raised RMB400 million (US$58 million) in venture funding at a RMB1 billion (US$140 million) valuation, Chinese bike sharing start-up Bluegogo has collapsed, with its founder nowhere to be found and perhaps up to RMB1 billion worth of user deposits unaccounted for.
For Jonathan Larsen, an 18-year Citi veteran, joining China’s Ping An Insurance (Group) Co. was like an army general being asked to lead a small, elite squad. As Global Head of Retail Banking and Mortgages at Citi, Larsen oversaw a global team of 80,000 employees. But when he joined Ping An this May as Chief Innovation Officer and CEO of the US$1 billion Ping An Global Voyager Fund, the team was just him and his assistant on his first day.
Chinese personalized news app Toutiao has injected US$50 million in Live.me, a popular live streaming platform among young adults in the U.S. and a unit of Chinese mobile Internet company Cheetah Mobile Inc.
China’s National Development and Reform Commission (NDRC) issued new draft guidelines on outbound investments and deals this morning, seeking public comments on a comprehensive regulatory framework that could further restrain Chinese companies’ already shrinking overseas investments.
RMB denominated private equity and venture funds continue to grow in size and importance, while U.S. dollar funds have seen their role in China’s private investment markets decline. Despite new data indicating that U.S. dollar funds will be further marginalized, there are signs that a very different group of players are setting up or showing renewed interests in establishing offshore U.S. dollar funds to deploy Chinese capital globally.
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.
Update: Meituan Dianping Announced A US$4 billion Financing Round on October 19, 2017 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.