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Pan Yue

Gobi Reaches First Close Of Its Asean Growth Fund At $50M

Gobi Partners, a Chinese venture capital firm focused on information technology, telecom, media and technology (TMT) and digital media industries, has reached the first close of its new Asean-focused fund at US$50 million. Malaysia Venture Capital Management Bhd (Mavcap), Korean home shopping company GS Shop, and Indonesian investment firm CKM have also invested in the fund, according to a company announcement. “This fund is the biggest growth stage fund to come out of Malaysia at this point, and it is also one of the biggest in Asean," said Mavcap CEO and Gobi senior adviser Jamaludin Bujang. "Mavcap is more than optimistic about the benefits to be gained by being a part of this fund.” The new fund, named Meranti Asean Growth Fund, will seek investment opportunities in the fields of cloud services, e-commerce, financial technology and Muslim-focused tech firms. It will invest in over 15 start-ups in series B and C rounds, with a targeted size of US$5 million to US$20 million. The fund was launched last December with a target of US$200 million. It unveiled its first investment yesterday in Sale Stock, a leading Indonesian fashion e-commerce platform, by co-leading a US$27 million series B+ round. Founded in 2002, …

Chinese Bike Rental Firm Youon Completes $87M Shanghai IPO

Chinese bike rental company Youon Bike, backed by Ant Financial and Shenzhen Capital Group, has completed an initial public offering on the Shanghai Stock Exchange, raising RMB581 million (US$87 million). It is the first stock market listing by any of the dozens of bike sharing companies in China.

Chinese IoT Artificial Intelligence Platform Unisound Gains $45M Strategic Investment

Chinese artificial intelligence (AI) firm Unisound says it has received RMB300 million (US$45 million) from a strategic investor who besides money will provide the company with massive amount of data to help it improve its capabilities. A company representative did not disclose the identity of the investors and declined to provide more details about the deal when contacted by China Money Network.

BAIC's Electric Vehicle Unit Raises $1.6B In Series B Round

Chinese car maker Beijing Automotive Group's (BAIC Group) electric vehicle business unit, BAIC BJEV, has raised a RMB11.1 billion (US$1.6 billion) series B round from 14 investors, including state-owned enterprises China Cinda Asset Management Co., Ltd. and Zhongji Investment, a firm co-founded by the Hebei provincial government.

China To Challenge US Leadership In AI? Not So Fast

There have been a lot of discussions on China's rising prowess in artificial intelligence, on how the Chinese are catching up or even surpassing the U.S. in leading the world's most important future technology trend. The concerns are so real that the U.S. government is reportedly looking to strengthen scrutiny of Chinese investments in American AI companies.

Fortune Capital-Backed Incubator And Media Firm Iheima Completes Shenzhen IPO

Beijing-based start-up incubator Iheima, backed by Fortune Capital, has completed an initial public offering on the ChiNext, a NASDAQ-style board of the Shenzhen Stock Exchange, to raise a total of RMB182 million (US$27 million). As the first IPO of an incubator, accelerator and start-up media platform in China, Iheima issued 17 million new shares at the price of RMB10.75 (US$1.61) apiece, according to an IPO prospectus. The company is valued at RMB1 billion (US$140 million), based on its highest trading price of RMB15.48 (US$2.3), which represents a near 44% increase from its IPO price. Iheima was founded in 2011 by Niu Wenwen, formerly the editor-in-chief at well-known Chinese business magazine China Entrepreneur. The company offers a full suite of services to Chinese start-ups, from staff training, public relations services, to venture capital raising. The company registered revenues and net profit of RMB184 million (US$27 million) and RMB42 million (US$6 million), up 10% and 446% year-on-year, respectively. In 2015, Iheima raised a RMB134 million (US$20 million) series C round from Fortune Capital, Chinese outdoor products company Toread Holdings Group Co., Ltd. and Zhongziqi Investment. Two years prior, it received a series B round worth tens of millions of RMB from Beijing-based …