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IDG Capital Defends Chinese Luxury E-Commerce Firm Secoo As Company Share Price Halves Post-IPO

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 …

China’s Meituan Dianping Said To Raise $3 Billion From Tencent, IDG Capital

Update: Meituan Dianping Announced A US$4 billion Financing Round on October 19, 2017 Meituan Dianping, one of the largest Chinese on-demand local services providers, is said to be raising around US$3 billion from investors including its long-time backer Tencent Holdings Ltd., IDG Capital and other investors, people with close information of the matter said.

Banyan Capital Raises $725M Across Two New Funds

China-focused venture capital firm Banyan Capital has raised over RMB5 billion (US$725 million) across two new funds, bringing the three-year-old firm’s total assets-under-management to around RMB11 billion (US$1.6 billion). The two new funds, including Banyan’s third U.S. dollar fund with US$350 million in assets and one RMB-denominated growth fund, will continue firm’s strategy of investing in early and growth-stage projects in the artificial intelligence, Internet, enterprise services, consumer upgrade and entertainment sectors. The firm also raised a US$50 million side …

Chinese Billionaire Lu Zhiqiang’s Oceanwide Completes IDG Acquisition

China Oceanwide Holdings Group Co., Ltd., the conglomerate chaired by Chinese billionaire Lu Zhiqiang (pictured), said it has closed its acquisition of Boston-based International Data Group, Inc. (IDG). Upon closing, which officially took place yesterday, China Oceanwide became controlling shareholder, with 90% ownership of IDG’s operating businesses, including International Data Corporation and IDG Communications. IDG Capital, a China-based venture capital firm initially backed by IDG, will own the remaining 10%. China Oceanwide also became a minority shareholder in IDG’s venture …

IDG-Led Chinese Group Completes Purchase Of Osram’s Lighting Lamp Unit For $529M

A Chinese consortium led by IDG Capital has completed the purchase of the lighting lamp manufacturing unit of German high-tech lighting company Osram Licht AG for a final price of around €500 million (US$529 million), Osram announced last week. IDG Capital, Chinese lighting company MLS Co., Ltd. and Yiwu State-Owned Assets Operation Center agreed in July 2016 to acquire the business, called Ledvance, for over €400 million, with Osram receiving additional payments for license agreements of trademark rights. Osram said …

IDG, Sequoia Partner With Chinese Travel Agency To Launch Tourism Fund

Sequoia Capital China and IDG Capital have teamed up with Chinese travel agency China CYTS Tours Holding Co., Ltd. to establish an investment vehicle, the CYTS Hongqi Fund, to capitalize on consumer upgrade in the tourism industry, according to a company filing submitted by Shanghai-listed CYTS. The joint vehicle did specify how much capital they aim to raise from third-parties in total.

Over 80% Of Chinese Start-Up CEOs Receive Zero Or Minimum Pay

Over 80% of chief executives among 134 venture-backed Chinese tech start-ups receive no salary or only get minimum living expenses, while senior online game developers make the most with medium annual total compensation of RMB670,087 (US$102,831), according to the results of a compensation study conducted by IDG Capital Partners.

IDG Capital Exits Chinese Health Site 39.Net Via Strategic Sale

IDG Capital is to fully exit its stakes in Chinese healthcare portal 39.net via a strategic sale. A Chinese software developer, Shenzhen-listed Longmaster Information & Technology Co., Ltd. has agreed to acquire 100% of Guangzhou Qisheng Information Technology Limited, which operates 39.net, for a total of RMB650 million (US$105 million), according to a regulatory filing submitted by Longmaster.

IDG, China Lodging $56M Private Placement In Quanjude Gets Board Approval

Beijing-based Chinese catering chain Quanjude Group Co. Ltd. says the company plans to raise a total of RMB350 million ($56 million) by offering 24.95 million ordinary shares through a private placement. The deal has been approved by the company’s board, according to a regulatory filing. IDG Capital Partners and China Lodging Group, a domestic hotel group, will subscribe the new shares of the Shen Zhen Stock Exchange-listed Quanjude. IDG will purchase 17.8 million of the shares for RMB250 million, holding …