Dah Chong Hong Holdings Ltd., a Hong Kong-listed distributor and dealer of motor vehicles in Greater China, said it plans to partner with its parent company that is a subsidiary of CITIC Ltd. to establish an investment fund to back consumer and healthcare companies.
Beijing-based start-up Yi+, which uses computer vision and artificial intelligence (AI) to provide intelligent media and marketing solutions, has obtained US$15 million in a series B funding round, the firm announced.
Ping An Global Voyager Fund, a US$1 billion overseas investment fund launched by Ping An Insurance Group Co of China Ltd, has made its first investment in European fintech company 10x Future Technologies. Ping An Global Voyager Fund and strategy consultancy Oliver Wyman led a £34 million (US$40 million) series A round in 10x Future, which is founded by former Barclays CEO Antony Jenkins and focuses on providing holistic technology solutions to banks. “10x Future Technologies and Ping An share …
Interactive Brokers Group, Inc., the largest U.S. electronic broker in terms of daily average revenue trades, said it has agreed to make a strategic investment in Tiger Brokers, a Chinese online stock brokerage start-up backed by China Growth Capital and others.
JD.com Inc. and its financial technology unit JD Finance have agreed to team up with Thailand’s largest retail conglomerate Central Group to invest an aggregate of up to US$500 million to establish two joint ventures in Thailand covering e-commerce and fintech services, in the Chinese e-commerce giant’s major foray into the Thai market.
Warburg Pincus has acquired a 49% stake in asset management company Fortune SG from Societe Generale. The deal sees Societe Generale exit from Fortune, a joint venture it established in 2003 in partnership with a unit of Baosteel Group, creating one of China’s first sino-foreign joint venture fund management companies. No financial details were disclosed.
WuXi NextCODE, a genomic big data platform resulted from a merger between Chinese contract research outsourcing provider WuXi AppTec’s genome center and NextCODE, has raised a US$240 million series B financing led by Sequoia Capital China. The round is among the largest venture financing deals for a start-up in the healthcare sector in China.
Chinese investment firm Yingke Private Equity has invested RMB100 million (US$14 million) in Shanghai Sanyou Medical Co., Ltd., an orthopedic medical device developer.
Investment firm Jeneration Capital Management said that Tony Zhang, formerly head of Asia at Coatue Management LLC, has joined the firm as a partner. Zhang will join Jeneration Capital’s team of buy-side professionals focused on direct private investments.
Alibaba Innovation Ventures, Softbank China and Sequoia Capital China have jointly led a US$50 million series C round in Yi23, a women’s clothing rental start-up. GSR Ventures, IDG Capital, Zhen Fund and a number of other Chinese investment firms also participated, according to a company announcement.
Warburg Pincus has committed a US$183 million follow-on investment into Nova Property Investment Co. Ltd, a Chinese rental apartment operator and asset manager. The investment follows Warburg’s initial US$170 million capital injection into Nova in 2015 to help the firm build up its portfolio.
The People’s Bank of China and six other state regulators today jointly announced a complete ban on initial coin offerings (ICOs) in China, in perhaps the harshest measures ever taken against a new fundraising activity.
Appier, a Taiwan-based artificial intelligence (AI) company, announced that it has secured a series C investment of US$33 million from SoftBank Group Corp., LINE Corporation, NAVER Corporation, Singapore-based EDBI and Hong Kong-based AMTD Group.
Qingsong Fund, a venture capital firm founded by Alvin Liu, a co-founder of Tencent Holdings Ltd., has launched its third investment vehicle with RMB850 million (US$129 million) in committed capital.
Best Inc., a logistic service provider backed by Alibaba Group, has revised up the amount of capital it is seeking to raise in an initial public offering in New York to US$1 billion, from a previous target of US$750 million in June.
Arrail Dental, a Chinese private dental service provider with nearly 100 private dental clinics in the country, has raised a US$90 million series D round from Goldman Sachs and Chinese private equity firm Hillhouse Capital Group.
Mingdaojinkong, a Chinese investment firm, has led a RMB300 million (US$45 million) series E round in Fangsiling, a start-up offering rent installment payment options to young professionals in China.
Cathay Innovation, a global venture capital fund affiliated with Sino-French private equity firm Cathay Capital Private Equity, has led a US$15 million series B2 financing round in MagMode, a Chinese men’s fashion start-up.
Chinese investment firm Puji Capital has launched Puji Films to invest in the Chinese and Hollywood film industries. Puji Capital also announced Puji Film’s first investment, in Mandalay Endurance Media Ventures (MEMV).
Chinese bike sharing firm ofo rode into North America yesterday with a debut in Seattle, as the company expands globally in tight competition with rival Mobike.
Alibaba Group Holding Ltd. has led a US$1.1 billion investment in one of Indonesia’s top three e-commerce firms, PT Tokopedia, as the Chinese tech firm seeks to solidify its dominant position in the Southeast Asian market.
Antengene Corporation, a Chinese clinical-stage biopharmaceutical company, has raised US$21 million in a series A financing round led by Qiming Venture Partners. Chinese investment firms TF Capital and HG Capital, as well as Tigermed Investment, also participated in the deal.
Chinese investment and advisory firm RJ Capital Group has teamed up with Shenzhen-based conglomerate Tempus Holdings to launch a new US$300 million investment fund to back companies benefiting from the trend of consumer upgrade in China.
KKR says it has opened an office in Shanghai, marking the firm’s third office in Greater China following Beijing and Hong Kong and its eighth in Asia Pacific. The move highlights the U.S. private equity giant’s confidence in the future of the Chinese economy.
Chinese Internet portal Sina Corp said it would establish an Online Finance Fund with a target fundraising size of US$500 million to invest in Chinese fintech companies.
McDonald’s Corporation’s China business, now under new ownership of CITIC Ltd. and Carlyle Group, is planning to drive double-digit sales growth in each of the next five years and to increase the number of its restaurants to 4,500 from 2,500 currently.
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Alibaba Group Holding Ltd. is in talks to lead a financing round of as much as US$500 million in one of Indonesia’s top three e-commerce firms PT Tokopedia, as the Chinese tech firm seeks to solidify its dominant presence in Southeast Asia.
China’s State Council issued a “New Generation Artificial Intelligence Development Plan” yesterday, outlining how the country will create the world’s leading AI industry, with a target value of RMB1 trillion (US$148 billion) by 2030. In the document, Beijing spelled out three steps to reach its goal of turning China Inc. into China AI. The first step is for China’s AI industry to maintain an advanced position in terms of AI technology and applications, and for the AI sector to become …
It seems that every technology company in China wants to be an artificial intelligence firm. The latest to join the club is Lenovo Group Ltd., until recently the world’s largest personal computer maker.
Lenovo Capital and Incubator Group, the venture capital arm of Chinese tech firm Lenovo Group Ltd., has led a RMB20 million (US$3 million) series A round in Imsight Medical, a start-up developing artificial intelligence-assisted medical imaging analysis tools.