Financing of Chinese co-working space industry continues to accelerate as leading players battle for market share.
Everbright-IDG Fund Leads New Round In Cross-Border E-Commerce Firm Wish.Com
Everbright-IDG Industrial Fund, an investment vehicle jointly established by China Everbright Ltd and IDG Capital, has led a series F round in Wish.com, a Silicon Valley-based cross-border e-commerce firm co-founded by a Chinese engineer.
Jumei To Invest $43.5M In Chinese Power Bank Rental Firm Jiedian
Jumei International Holdings Ltd., a Chinese beauty products e-commerce platform, has acquired an equity interest in Shenzhen Jiedian Technology Co., Ltd, a mobile device power bank rental start-up.
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 …
IDG Co-Leads $14M Round In Mobile Device Charger Sharing Start-Up Ankebox
IDG Capital and Sunwoda Electronic Co., Ltd., a Shenzhen-based lithium battery module developer, have led an RMB100 million (US$14 million) series A round in Ankebox, a Shenzhen-based mobile device charger sharing start-up.
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 Joins $20M Round In Chinese Women Clothing Rental Firm YCloset
Pan-Lin Asset Management Co., Ltd., a Shanghai-based RMB-denominated private equity firm, has led a US$20 million series B round in YCloset, a Beijing-based online women clothing rental platform and mobile app.
Fosun Kinzon, IDG Lead Financing In China Mobile Marketing Firm ZMT Zhongmeng
Fosun Kinzon Capital and IDG Capital have led a series B round worth hundreds of millions RMB in ZMT Zhongmeng, a Beijing-based mobile marketing solutions provider.
Andreessen Horowitz Leads $12M Round In US-Based Bike Sharing Firm Limebike
The bike sharing frenzy that started in China has spread to the other side of the Pacific. Silicon Valley-based venture capital firm Andreessen Horowitz has led a US$12 million series A round in San Francisco-based bike sharing start-up LimeBike, which was founded by two Chinese entrepreneurs.
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.
IDG Joins $11M Round In CreditEase’s Insurance Unit
IDG Capital and CreditEase New Finance Industrial Investment Fund have invested RMB80 million (US$11 million) in CreditEase Insurance Agency, an Internet insurance unit of Chinese financial services company CreditEase Group, according to a company announcement.
Matrix Joins $28M Series B In Chinese App For Children And Women’s Healthcare
Matrix Partners China, Qiming Venture Partners and IDG Capital have invested RMB200 million (US$28 million) in a series B round in Anxin Doctor, a Beijing-based mobile health app focused on children and women healthcare, according to a company announcement.
National SMEs Development Fund Joins $17M Round In Hotel Booking Platform
China’s national small and medium-size enterprises development fund and China Merchants Capital Investment Co., Ltd. have made a RMB120 million (US$17 million) series B+ round in Haoqiao.cn, an online international hotel searching and booking platform geared for enterprises, according to Chinese media reports.
China Oceanwide, IDG Capital To Acquire International Data Group
IDG Capital has teamed up with China Oceanwide Holdings Group Co., Ltd. to acquire International Data Group, Inc (IDG), the Chinese venture firm’s first limited partner and parent before its spin-out in 1999.
IDG Capital Ends 2016 With 17 Exits And 26 Unicorns In Its Portfolio
IDG Capital achieved 17 exits in 2016, including three initial public offerings and 14 strategic sales. Twenty-six portfolio companies achieved US$1 billion in valuation to qualify as tech unicorns, positioning it among the few funds with the most unicorns in China, it said yesterday via a Wechat post.
Venture-Backed Gaming Firm G-bits Completes A-Share IPO
G-bits Network Technology Co. Ltd., a Chinese online gaming company backed by IDG Capital Partners and Fortune Capital, has completed an initial public offering on the Shanghai Stock Exchange, raising RMB961 million (US$138 million).
IDG, China Soft Capital Join $22M Funding Round In Hsuanzhang
IDG Capital, China Soft Capital and two other Chinese funds have invested RMB150 million (US$22 million) in Hsuanzhang, an online financial and tax services provider to small and medium enterprises in China.
TAL Education Invests $18M In O2O After-School Tutoring Firm Changingedu
New York Stock Exchange-listed Chinese education firm TAL Education Group has invested US$18 million series C+ round in Shanghai-based education online-to-offline (O2O) operator Changingedu.
CDH Leads $120M Round In Chinese Deep Learning Firm SenseTime
Chinese alternative investment firm CDH Investments has led a US$120 million funding round in Chinese deep learning start-up SenseTime, with participation from Dalian Wanda Group, IDG Capital, StarVC and others.
Venture-Backed Meitu Completes $604M Hong Kong IPO
Meitu Inc., a photo retouch app developer backed by Qiming Venture Parnters, IDG Capital Partners and others, has completed offering 574 million shares priced at HK$8.50 apiece to raise net proceeds of approximately HK$4.688 billion (US$604 million).
IDG-Backed Olympique Lyonnais Launches Soccer School, Eyes Back-Door Listing In China
French soccer club operator Olympique Lyonnais Groupe, in which IDG Capital Partners acquired a 20% stake for €100 million (US$112 million) during the summer, has established a joint venture to operate soccer schools in China.
China Everbright Limited, IDG Launch $3B Investment Fund
China Everbright Ltd. (CEL) has teamed up with IDG Capital Partners to jointly launch Everbright-IDG Industrial Fund in China with RMB20 billion (US$3 billion) total committed capital to help mature Chinese companies grow and scale, says a company announcement.
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.
Carlyle-Backed SouFun Pushes Ahead $2.5B Reverse Merger Deal
New York Stock Exchange-listed SouFun Holdings, backed by the Carlyle Group and IDG Capital Partners, says it has made progress on a domestic backdoor listing of its online media and financial service units via a reverse merger, says a company announcement.
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 …
Xunlei Receives $310M New Round Of Financing Led By Xiaomi
Shenzhen-based video service provider Xunlei Networking Technologies has completed new round of financing, raising a total of US$310 million, according to Chinese media reports.
IDG Capital Leads $7M Series B For Social Food App Ricebook
Beijing-based social food application Ricebook.com has raised US$7 million in series B financing, according to Chinese media reports. IDG Capital led the round. Existing investor Ceyuan Ventures also participated.
VC-Backed Sungy Mobile Acquires US Mobile Ad Network Getjar
Guangzhou-based Chinese mobile content and service provider Sungy Mobile has acquired California-based mobile ad network GetJar, according to a company announcement.
IDG Capital, Alibaba Group Invest In Inman Apparel
Guangzhou-based Chinese clothing brand Inman Apparel has raised tens of millions U.S. dollars in series A funding from IDG Capital and Alibaba Group, according to Chinese media reports.