China recorded US$40 billion in venture capital investment deals in 2017, a 14.3% increase from US$35 billion in 2016, buoyed by a flurry of massive investment in artificial intelligence and automobile technologies in the fourth quarter, according to a report by KPMG.
Chris Lai, ex-venture partner at Sinovation Ventures, has moved to Shunwei Capital, a venture capital firm founded by Xiaomi’s founder Lei Jun.
China’s direct investment in the United States dropped by 35% in 2017 to US$29 billion in completed deals, and the value of newly announced Chinese acquisitions in the U.S. dropped by 90% compared to 2016, due to regulatory hurdles from both countries, according to a report by Rhodium Group, a research consultancy based in New York.
Chinese state-owned semiconductor manufacturing supplier Naura Microelectronics Equipment Co., Ltd announced that it had completed a US$15 million acquisition of U.S. company Akrion Systems LLC, a supplier of surface preparation for solar and semiconductor devices.
Chinese conglomerate Dalian Wanda Group has agreed to sell London luxury development project One Nine Elms for 59 million pounds (US$81 million) , amid a wave of asset sales by the conglomerate to reduce debt.
In recent years, many talented Chinese scientists have abandoned Silicon Valley to seek greater opportunities at home with local tech firms. Now they will have an added incentive as Chinese venture capital firm Shenzhen Green Pine Capital Partners has launched a RMB1 billion (US$155 million) fund to help overseas Chinese scientists start businesses in the southern city of Shenzhen.
Caocao Zhuanche, an electric vehicle sharing company backed by Chinese automaker Geely, has completed a RMB1 billion (US$156 million) series A round from various investors, at a valuation of over RMB10 billion (US$1.6 billion), according to its official Weibo account.
Chinese apartment rental service provider Ziroom has raised a RMB4 billion (US$622 million) series A round led by Warburg Pincus, Tencent and Sequoia Capital China, according to its WeChat official account.
E-commerce firm JD.com is reported to have started a fundraising round of at least US$2 billion for its logistics unit JD Logistics, and eventually plans an overseas initial public offering.
Russia’s largest gold producer Polyus announced that the agreement to sell 10% of its ordinary shares to a consortium led by Fosun International Limited has been terminated.
Autonomous driving firm Pony.ai has raised a US$112 million series A round co-led by Morningside Venture Capital and Legend Capital, according to a company announcement.
Chinese franchise smart gym operator Liking Fit has completed series B and C rounds worth RMB350 million (US$54 million), according to its investor Lightspeed China Partners’s official WeChat account.
Huami Corporation, the maker of Xiaomi’s Mi smart wrist ban is seeking a US$150 million initial pubic offering in the U.S., according a securities filing. The company is applying for the listing of its ADSs on Nasdaq Global Market under the ticker symbol “HMI”. Pricing terms were not disclosed.
Chinese tech giant Baidu Inc., Alibaba’s financial affiliate Ant Financial and Beijing Bytedance Telecommunications Co., Ltd., the operator of Chinese personalized news app Toutiao, have been summoned to answer question by China’s Ministry of Industry and Information Technology as they have failed to fully disclose the collection of personal data from users of their mobile apps, according to the government’s website.
Beijing-based cashier-free store Bianlifeng announced today that it has acquired a controlling stake in its peer Lingwa, in the latest sign of industry consolidation. Financial terms of the deal between the private companies were not disclosed.
Chinese checkout-free store operator Xingbianli has denied rumors that it will exit third- and fourth-tier cities due to failing business, claiming the company is reassessing its store locations in smaller cities for better strategic planning.
Apple Inc announced that it will hand over its iCloud data storage services in mainland China to a state-owned company in Guizhou by the end of next month, due to regulatory concerns.
Chinese bitcoin mining firm Bitmain Technologies has reportedly set up a subsidiary in Switzerland, named Bitmain Switzerland, following reports that Chinese regulators are considering a ban bitcoin mining in China.
The Cyberspace Administration of China has reprimanded Jack Ma’s Ant Financial over a default setting on its Alipay mobile payment platform that gave corporate partners access to user credit data, according to the regulator’s website.
Verizon Wireless, the U.S.’s largest telecom service provider, is reportedly under political pressure to cancel a deal with China’s Huawei Technologies Co., Ltd. to sell its flagship smart phone Mate 10 Pro.
American private equity firm Warburg Pincus’s affiliate and Genesis Capital have invested US$120 million in a series D round in Chinese online tutoring start-up Zhangmen, the company announced in a press release today.
China’s fractured bike sharing industry just became more complex as car ride sharing giant Didi Chuxing announced the launch of a comprehensive bike-sharing platform. Under the plan, Didi’s car sharing app will integrate the services of Bluegogo, as well as bike sharing giant ofo and potentially other bike-sharing partners. It will also include a DiDi branded bike-sharing service, which is under development.
Sequoia Capital China has participated in a US$40 million round in Sydney-based graphic design start-up Canva. The deal values the firm at roughly US$1 billion, making Canva Australia’s first “unicorn,” a term used for private companies valued at US$1 billion or more.
U.S. investment firm Tiger Global Management and New York Exchange-listed education and technology firm TAL Education have invested in a US$100 million series C round in DadaABC, a Chinese online one-on-one English education platform, according to an announcement on the company’s official WeChat account.
Tencent Holdings Ltd. and private equity firm Orchid Asia Group have led an investment round worth hundreds of millions of RMB in Shanghai-based online music tutoring platform Peilian.com.
FAW Car Co Ltd., a Shenzhen Stock Exchange-listed passenger car maker will take a 10% stake in bike-sharing firm Mobike’s new car-sharing unit Mobike Chuxing Technology Co, according to a securities filing by FAW.
Chinese regulators are rumored to take another forceful action toward the Bitcoin industry, potentially asking bitcoin mining companies in China to exit the business soon. This is another and final major blow to China’s Bitcoin industry after Beijing closed all Bitcoin exchanges and banned initial coin offerings last fall.
Chinese online game streaming platform Chushou TV announced that it has raised a series D round from Google Inc. and existing investors Qiming Venture Partners, Shunwei Capital and Alpha X Capital.
Chinese e-commerce firm JD.com Inc. has launched its own fresh produce supermarket brand called 7Fresh, in a move that mirrors Alibaba’s new concept offline store Hema Supermarket.
Beijing-based cancer genomics solutions start-up Genetron Health has raised more than RMB400 million (US$61 million) in a series C round led by Zhongjin Kangrui Medical Industrial Fund.
China’s largest ride sharing firm Didi Chuxing announced that it has acquired Brazilian ride sharing operator 99 to expand in Brazil, the second largest market for rival Uber. The move came as Didi continues to expand globally and is entering into new sectors such as bike sharing in order to justify its US$56 billion valuation.