Italian biomedical equipment maker Esaote S.p.A. announced that a consortium of Chinese investors, including Yunfeng Capital co-founded by Alibaba’s Jack Ma, have entered into definitive agreements to acquire the entire share capital of the company.
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.
Chinese insurer Ping An Insurance Company of China Ltd. has emerged as the second-biggest shareholder in HSBC Holdings, as Ping An’s asset management arm acquired an additional 10 million HSBC shares on Tuesday, taking its total shareholding in HSBC to 5.01% from 4.96%, Ping An disclosed in a filing today.
In a sign of increasing scrutiny on Chinese acquisitions in the U.S., a Chinese buyer said it is refiling its applications to a U.S. foreign deal oversight body in order to add mitigation measures to secure U.S. government approval.
Lu Wei, the former head of China’s powerful Internet regulator, the Cyberspace Administration of China, is under investigation for suspected corruption, according to statements (in Chinese) issued by the ruling Communist Party’s disciplinary agency.
Real estate private equity firm Gaw Capital Partners acted as co-capital sponsor in the first close of US$550 million for a China outlet mall investment fund. The ERES APAC II – China Outlet Mall Fund is backed by Allianz, Gaw Capital Partners, and TIAA General Account, a Frankfurt-based German asset management company, among others.
Chinese outbound real estate investment fell 51% to US$2.5 billion in the third quarter, the lowest total in 14 quarters since the fourth quarter in 2013, amid new outbound investment restrictions and investor caution prior to the 19th Party Congress meetings in Beijing, according to a report released by Cushman & Wakefield.
The U.S.-China Economic and Security Review Commission has issued its annual report with some recommendations that may influence the debate as Congress moves forward with legislation aimed at broadening CFIUS reviews of foreign investment in the US. The legislation under consideration is squarely aimed at China without explicitly stating that fact.
Shunwei Capital, Oriza Holdings and Puhua Capital have led a RMB500 million (US$75 million) series B round in CloudWalk Technology Co., Ltd., an artificial intelligence facial recognition firm whose technology is widely applied in the financial, public security and aviation sectors. Yuexiu Financial Holdings Group, Shenzhen Qianhai Xingwang Investment Co. and a fund co-invested by Galaxy Holding and Zhangjiang Group participated in the new funding round. Cloudwalk also received RMB2 billion (US$301 million) from the government of Guangzhou to set up …
Chinese fintech company Jianpu Technology Inc.’s debut on the New York Stock Exchange Thursday was a disappointment, with the stock gaining only 5% despite the company pricing its IPO at below its anticipated price range. Despite the lack-luster debut, the firm’s IPO marks the second successful fintech exit for backers including Sequoia Capital and Lightspeed China Partner I, L.P., after PPdai, a Chinese peer-to-peer lending platform, went public in New York last month. Sequoia Capital and Lightspeed own 17.6% and 16.7% of Jianpu Technology, …
Shares of Yixin Group Ltd., China’s largest online automobile financing platform, got off to a fast start on its trading debut in Hong Kong on Thursday, jumping over 30% in early trade, before settling lower later in the day.
Yidian Zixun, a Chinese personalized news feed mobile app backed by New York-listed Phoenix New Media, has finalized a US$112.1 million financing round from Long De Cheng Zhang Culture Communication (Tianjin) Co., Ltd., a Chinese government guidance fund, and two unnamed investors.
China Investment Corporation, a sovereign wealth fund responsible for managing part of China’s foreign exchange reserves, has partnered with U.S. investment giant Goldman Sachs to establish a US$5 billion China-U.S. industrial fund during President Trump’s visit to Beijing, according a CIC announcement on WeChat on Nov. 9.
China Money Network’s Special Situations Team brings you the first of our new “Industry Specialist” series, sitting down with Andrew Brown, partner for Macro and Strategy at ShoreVest Capital Partners, Ltd. Hong Kong to seek his opinions on the growth of China’s distressed debt market and the rewards and risks it offers investors in the region. ShoreVest Partners is an institutional private investment firm specializing in Chinese distressed debt and structured credit. The ShoreVest team has managed US$1.6 billion of distressed …
The U.S. investment ambitions of Canyon Bridge Capital Partners took a serious blow on Monday with the indictment of its founder Benjamin Chow on insider trading charges related to its failed acquisition of U.S. chip maker Lattice Semiconductor Corp. However, Chow’s legal crisis didn’t stop Chinese-government-backed Canyon Bridge from easily winning shareholder approval to acquire British chip design company Imagination Technologies Group Plc. on Tuesday. The duel pieces of news underscore the risk and opportunities for Chinese investors overseas. While …
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.
RISE Education, a Chinese provider of after-school English lessons which is backed by Bain Capital, enjoyed a strong debut on the Nasdaq Friday, closing up more than 14% on its first day of trade. The stock closed at US$16.61, compared to its initial public offering (IPO) price of US$14.50. RISE’s IPO was well received, demonstrating investors’ continued interest in China’s fast-growing education sector. The company raised US$160 million by offering 11 million shares at US$14.50, higher than the expected price …
For the Chinese technology and venture capital community, Chinese President Xi Jinping’s speech opening the 19th congress of the Chinese communist party was everything it hoped for. The key words “artificial intelligence”, “big data” and “innovation” were highlighted and emphasized repeatedly in the otherwise laborious three-hour address.
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 …
New York-listed Chinese educational company New Oriental Education & Technology Group Inc. will establish funds worth a combined US$1.8 billion to invest in education industry start-ups and pursue mergers and acquisitions globally, according to local reports.
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.
The Chinese government announced a new policy directive to further encourage innovation in new drug development and medical device yesterday, making significant changes to existing policies to spur an already thriving healthcare sector in the country.
Chinese search engine giant Baidu Inc. has opened its second research and development facility in Silicon Valley, to focus on autonomous driving and Internet security related work.
Deal activity in China was strong in 2016. AI and sharing economy were the top two buzzwords in capital markets. How has the situation changed in 2017? The tech channel at Tencent News and startup database IT Juzi jointly released a report on the venture capital trend in the first half of 2017. China Tech Insights is authorized exclusively to release the English version of the report, and China Money Network is republishing the report via a partnership with China …
Yao Capital, backed by former NBA player Yao Ming, has led a RMB500 million (US$75 million) series A round in Doing Now, a Beijing-based sports training company.
It’s Monday morning, and Ms. Li, a sanitation worker at a Shenzhen apartment building is busy emptying leftover food from delivery boxes and collecting the plastic containers. On this day, she finds about 200 pieces, which she’ll sell for just RMB3 to augment her RMB2000 monthly salary. Monday morning offers the best pickings as the garbage can is full of food delivery bags dumped over the weekend.
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).
Venture capitalists are throwing money at China’s cashier-free convenience stores. But will they actually make money, or learn once again that retail, even tech-driven retail, is a brutal business of low margins, low barriers to entry and high fixed costs?
The rise of a drinking culture at Chinese social gatherings, along with increased disposable income among younger consumers, are set to drive the value of China’s spirits market to over US$450 billion and take around 46.9% of global market share by 2021, according to analytics firm GlobalData.
Tencent Holdings Ltd. has agreed to invest HK$2.86 billion (US$367 million) in China International Capital Corp Ltd (CICC) for a 4.95% stake in the company. At the same time, the two parties said they have agreed to establish a strategic partnership in a range of services and products leveraging Tencent’s financial technology and CICC’s wealth management capabilities, according to a joint announcement.
Chinese search engine Baidu Inc. has hired Herman Yu (pictured), former chief financial offer of Chinese social media company Weibo Corp., as its new CFO.