Chinese biotech firm Alpha Biopharma Inc. announced that it has completed US$37 million of its US$65 million series A financing round led by Qiming Venture Partners.
Meili Inc., a Tencent-backed online fashion retailer, is planning to raise a total of US$500 million in an initial public offering in the U.S., according to media reports citing insiders.
Chinese venture capital activity continued its blistering pace of growth in April, with investors inking 209 deals with venture-backed companies worth a total US$15.59 billion. April’s total VC deal value in China was 166% higher than the monthly average in the U.S., according to the China VC Tracker released by China Money Network today.
Chinese venture capital firm Qiming Venture Partners has announced the closing of three new funds totaling US$1.39 billion.
Infervision, a Chinese artificial intelligence start-up developing medical imaging technology, has announced to complete a RMB300 million (US$47 million) series B+ round from existing investors Sequoia Capital China, Qiming Venture Partners and Genesis Capital.
Chinese autonomous driving start-up JingChi Inc. has joined Baidu’s open-source autonomous driving platform Apollo in what appears to be a reconciliation between the two companies.
Wang Jin, founder and CEO of autonomous driving startup JingChi Inc. has reportedly stepped down from the company. The move is believed to be in response to a trade secrets lawsuit filed by Baidu Inc. against Wang and JingChi, according to Chinese media reports.
Chinese autonomous vehicle startups JingChi Inc. and Pony.ai, both founded by former executives of tech giant Baidu Inc., have launched public tests drive programs for the first time in the southern city of Guangzhou, despite the threat of litigation by their former employer.
Financial services firm Orix Corp has led a RMB250 million (US$39 million) series A round in Innostic, a Chinese medical consumable supply chain management platform.
Chinese private equity firm Fosun Capital has led a US$80 million series B round in Bingobox, a start-up developing fully-automated convenience stores.
When it comes to raising tens of millions of dollars in venture capital, it helps to be a veteran of Baidu’s artificial intelligence units. Over the prior 12 months, former employees of the Chinese tech giant have raised close to US$300 million in VC funding rounds, according to a review of deals by China Money Network.
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 tech giant Baidu Inc. is suing Wang Jing, formerly head of Baidu’s autonomous driving unit and now founder of self-driving tech start-up JingChi Inc., for allegedly stealing trade secrets.
China’s venture capital and private equity industry continues to expand at an impressive pace with the top-ten most active firms participating in 460 deals, worth US$22 billion in total. That compares with 399 deals worth US$12 billion in 2016, with total deal value almost doubling from a year ago.
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.
China continued to be a breeding ground for tech unicorns in 2017, with 22 private companies receiving a valuation of US$1 billion or more for the first time. The 2017 vintage unicorns boast a total valuation of US$37.3 billion, accounting for more than a third of the total newborn unicorns worldwide, and 38% in terms of valuation, China Money Network‘s data shows.
Chinese humanoid robot maker Ubtech Robotics is raising a US$400 million series C round led by tech giant Tencent Holdings Ltd. with participation from investors whose identities are unknown at this moment. The Shenzhen-headquartered company has been raising this round at least from six months ago, and the final numbers may still change, according to people familiar with the matter.
Chinese facial recognition firm Face++ has raised US$460 million in a series C round led by China State-Owned Assets Venture Investment Fund, with Ant Financial and Foxconn Technology Group participating, setting a new VC financing record for AI companies globally.
Singapore’s state investment firm Temasek Holdings, Chinese investment firm Tiantu Capital and Xindahanshi Capital have led a US$72.8 million new funding round in Tongdun Technology, a Chinese fintech start-up specializing in risk control.
JingChi Inc., a Chinese autonomous driving start-up founded by Wang Jing, former head of Baidu Inc’s Autonomous Driving Unit, has raised US$52 million in a pre-A round led by Qiming Venture Partners. China Growth Capital, Nvidia GPU Ventures and other unnamed investors also participated in the round.
Beijing-based online recruitment platform Lagou.com has signed an agreement to raise US$120 million from strategic investor 51job, Inc., a Chinese human resources service provider listed on the NASDAQ. Following the transaction, 51job will hold a 60% shares in Lagou.com, becoming its largest shareholder, according to a statement posted on 51job’s WeChat account and a release issued by 51job.
Chinese biopharmaceutical company Zai Lab Ltd., backed by Chinese venture capital firms including Advantech, OrbiMed Asia Partners and Qiming Venture Partners, has completed an initial public offering on the NASDAQ in New York, raising approximately US$150 million in total.
Qiming Venture Partners has led a RMB120 million (US$18 million) series B round in Infervision, a Chinese artificial intelligence start-up developing medical imaging technology.
Chinese investment firm Yingke Private Equity has invested RMB100 million (US$14 million) in Shanghai Sanyou Medical Co., Ltd., an orthopedic medical device developer.
SinoVision Technologies (Beijing) Co., Ltd., a Chinese medical technology start-up developing computed tomography (CT) scanners, has raised a RMB200 million (US$29 million) new funding round from HG Capital, Qiming Venture Partners and little-known Chinese healthcare investment firm Yili Fuyi Daohe.
Abcfintech, a Chinese AI services provider targeting the financial services sector, has raised a total of US$30 million through an angel round and a series A round. Chinese venture capital firm Qiming Venture Partners led the round, with Source Code Capital, SIG Asia Investment and Welight Capital also participating, according to a company announcement.
Berry Genomics, a Chinese prenatal genetic testing and diagnostics company backed by Qiming Venture Partners and Legend Capital, has completed a reverse merger with Shenzhen-listed Chengdu Tianxing Instrument & Meter in a deal that valued Berry at RMB4.3 billion (US$619 million).
Arrail Dental, a Chinese private dental service provider with nearly 100 private dental clinics in the country, has raised a US$90 million series D round from Goldman Sachs and Chinese private equity firm Hillhouse Capital Group.
Alibaba Group Holding Ltd. and Yunfeng Capital, an investment vehicle controlled by Alibaba founder Jack Ma, have made a RMB1 billion (US$140 million) strategic investment in enterprise cloud services provider Qiniuyun to strengthen the Chinese e-commerce giant’s own cloud services business.
Antengene Corporation, a Chinese clinical-stage biopharmaceutical company, has raised US$21 million in a series A financing round led by Qiming Venture Partners. Chinese investment firms TF Capital and HG Capital, as well as Tigermed Investment, also participated in the deal.
Chinese venture capital firm Qiming Venture Partners has led a US$20 million financing round in New Horizon Health, a Chinese precision health start-up focused on developing early-stage cancer screening technologies.