Beijing-based travel service platform Mafengwo has raised a US$133 million series D round from General Atlantic, Temasek, Chinese private equity firm Ocean Link, Chinese venture capital fund Yuantai Changqing fund, and Houpu Investment Management, a private equity firm founded by former Goldman Sachs China Partner Fang Fenglei.
Jiansheng Sports Fund, a fund co-established by Sequoia Capital China and China Media Capital in March to focus on sports equipment brands, sports lotteries and new events IP, has led a series C round in shared gym operator Supermonkey worth hundreds of millions of RMB.
Chinese snack-bar focused checkout-free convenience store operator Xiaoe Weidian has raised a RMB200 million (US$30 million) series B round from Zijue Capital, Haikong Capital, Hainan province government and Zhongguancun Science Park.
Seven of China’s ten biggest outbound M&A deals of 2017 were in the logistics, energy and mining sectors, reflecting Beijing’s year-long crackdown on what is considers “unsound” overseas investments. This marks a sea change from 2016, when eight of the ten biggest cross-border M&A deals were in the technology, entertainment and tourism sectors.
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.
Vision Plus Capital, a Hangzhou-based venture capital firm, has led a RMB200 million (US$30 million) series B round in Etong Healthcare, a third-party health examination service provider.
Medlinker, a Chinese social networking platform for doctors, has raised a RMB400 million (US$60 million) series C round led by China Electronics Corporation Data (CEC Data), a data service provider under China Electronics Corporation, which is a state-owned conglomerate directly administered by the central government.
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.
Chinese artificial intelligence company SenseTime has teamed up with Chinese property developer Modern Land (China) Co. to lead a RMB210 million (US$32 million) series B round in 51HiTech, a Beijing-based virtual reality and augmented reality start-up focused on applications in the real estate sector.
For China venture capitalists, 2017 was a big deal year. While overall VC activity kept the robust pace of a record 2016, the year of 2017 witnessed a large number of record-setting mega deals that defined the growth trajectory of China’s tech sector and made headlines worldwide.
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.
Sequoia Capital China has led a Pre-A round in Hangzhou-based Chinese new energy carmaker Leapmotor. Financial details were not disclosed in an announcement made by the two companies on the sidelines of the World Internet Conference in Wuzhen, Zhejiang province. Leapmotor was established backed by Shenzhen-listed Dahua Technology Co., Ltd., a provider of video surveillance products and services. Sequoia China is the first institutional investor in the company.
Chinese bike sharing firm Hellobike has raised a US$350 million series D round from Alibaba Group Holding Ltd’s financial services affiliate Ant Financial, electric vehicle developer WM Motor, Chengwei Capital and bike manufacturer Fujita.
Baidu’s former corporate investment, mergers and acquisitions senior director Peter Fang has joined Sinovation Ventures as a partner, focusing on investment in artificial intelligence and relevant technologies, according to a Sinovation announcement. Fang previously worked for Sinovation from 2011 to 2014.
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.
Chinese venture capital firm SBCVC has led a RMB200 million (US$30 million) series B round in 12 Sigma Technologies, a San Diego-headquartered medical imaging firm founded by a team of Chinese scientists.
Global investment manger Coatue Management LLC has led a US$177 million series D round in Kuaikan Manhua, a Chinese online and mobile platform for original comic art work targeting young viewers.
Sequoia China has become a strategic investor of Income Partners, an independent Asia fixed income asset manager managing primarily single issuer and sovereign bonds across both U.S. dollar and Asian local currencies, with a focus on offshore and onshore RMB, the parties announced today.
Ping An Capital, the core equity investment platform of one of the largest Chinese insurers Ping An Insurance Group, has led an over RMB800 million (US$121 million) investment deal in Fullerton Healthcare Corporation Ltd., a Singapore-based provider of corporate healthcare solutions across Asia Pacific, according to an announcement issued by Fullerton Healthcare.
Hong Kong-based online mobile lending start-up WeLab, backed by investors including Credit Suisse Group AG, local tycoon Li Ka-Shing and Alibaba Hong Kong Entrepreneurs Fund, is planning an initial public offering on the Hong Kong Stock Exchange.
Li Ka-shing-backed O Luxe Holdings Limited, a Hong Kong-based investment holding company, has led a US$65+ million round in Divergent 3D, a Los Angeles based company providing 3D printing technology to automotive manufacturing.
Chinese autonomous truck driving technology firm TuSimple, backed by American semiconductor company Nvidia Corp., has raised US$55 million in a series C round led by Fuhe Capital and participated in by existing investors Sina Corp. and Zhiping Capital.
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, …
SDIC Venture Capital Management, a subsidiary of State Development & Investment Corp (SDIC), has led a new funding round worth up to RMB507 million (US$76 million) in Zensun (Shanghai) Sci & Tech Co., Ltd., a biopharmaceutical company listed on the ChiNext board in Shenzhen.
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.
Beijing-based fintech company 9f Group has raised a massive new funding round from Cinda International Holding Ltd, a subsidiary of state-owned China Cinda Asset Management Co., Ltd., Focus Media Information Technology’s Chairman Jiang Nanchun, video game developer Youzu Interactive’s chairman Lin Qi and an unnamed Chinese industry fund.
DCM Ventures has led a US$75 million series C round in Maimai.cn, a Chinese business and career-oriented social networking company, the company announced.
Shenzhen-headquartered voice recognition firm SpeakIn Technologies Co.,Ltd. has raised tens of millions of RMB in a series A2 round funding led by Yuanchuang Capital, after raising tens of millions of RMB from a series A1 round led by IDG Capital in May, the company announced.
Chinese venture capital firm Shenzhen Capital Group Co., Ltd. and retail firm Suning Commerce Group Co., Ltd have agreed to jointly establish a RMB30 billion (US$4.5 billion) logistics real estate fund.
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.
Shenzhen Guozhong Capital Venture Management Co, Ltd., which manages a government guided fund directly funded by China’s Ministry of Finance, has invested hundreds of millions of RMB in a series B round for medical tech company 1MData.com, according to local media reports.