Chinese electric vehicle maker CHJ Automotive has completed a RMB3 billion ($474 million) Series B round led by Matrix Partners China and Shougang Fund, an investment firm backed by state-owned steel producer Shougang Corporation.
Naspers has sold a small portion of its stake in Tencent Holdings – the Chinese internet giant in which it acquired an approximately one-third stake for $32 million 16 years ago – for HK$76.9 billion ($9.8 billion).
Shunwei Capital has led a $25 million Series B round for ScaleFlux, a hardware firm based in the US and China.
Brookfield Asset Management and Singapore-based warehouse operator GLP have formed a joint venture aimed at enabling construction of rooftop solar projects in China.
Hong Kong plans to increase funding to two local incubation programs – Cyberport and Hong Kong Science & Technology Park (HKSTP) – in the expectation they will play a leading role in the drive to turn the territory into an innovation hub.
Redpoint China Ventures has raised $110 million for its debut renminbi-denominated fund, which is expected to offer greater flexibility in backing start-ups in the early stages
China's National Development and Reform Commission (NDRC) has implemented rules that effectively add another layer of approval for LP commitments by domestic investors to offshore private equity funds.
Source Code Capital has led a $32 million Series C round of funding for Edianzu, a Chinese start-up that rents out computers and other office equipment to corporate customers.
KKR has completed a platform investment in China’s digital marketing space, bringing together four local companies to provide a one-stop service covering everything from advertising to analytics.
Beijing Infervision, a Chinese company that develops medical imaging technology empowered by artificial intelligence (AI), has raised RMB300 million ($47 million) in funding from investors including Xianghe Capital.
With a market focus and a user acquisition mechanism that differentiate it from other Chinese news and video apps, Qutoutiao impressed Tencent Holdings enough to secure a $200 million Series B round
Sunny Education, a China-based K-12 online education platform which operates under the 17zuoye brand, has raised $250 million in a Series E round led by existing investor Temasek Holdings.
Taiwan-based textiles manufacturer Ruentex Industries has committed $100 million to the third US dollar-denominated fund launched by Hopu Investments, the China-focused GP led by former Goldman Sachs banker Fang Fenglei.
Alibaba Group will invest an additional $2 billion in PE-backed online retailer Lazada. It brings Alibaba’s total commitments to the Singapore-based company to $4 billion.
The Hong Kong Trade Development Council (HKTDC) has launched an incubation program for start-ups in the territory.
Hunliji, a China-based online wedding services provider, has raised $65 million in a Series C round of funding led by Orchid Asia Group.
China Investment Corporation (CIC) has teamed up with state-controlled Ireland Strategic Investment Fund (ISIF) to launch a EUR150 million ($184 million) cross-border technology fund.
Team turnover remains a key concern for LPs making commitments to Chinese private equity firms, but even the most stable of GPs must demonstrate an ability to evolve in response to a fast-changing environment, investors caution.
Redpoint China Ventures has closed its debut renminbi-denominated VC fund at RMB700 million ($110 million).
Tencent Holdings has led a Series B round worth more than $200 million for Qutoutiao, a Chinese mobile news reading app. The round gives the company a post-money valuation of $1.6 billion.
Asian PE investors must accustom themselves to longer holding periods and more aggressive value creation initiatives if they are to achieve their target returns in a pricey market, according to Bain & Company.
More Chinese technology companies have developed capabilities to expand overseas with a view to acquiring new customers that can support growth and strengthen their leading positions at home, industry participants told in AVCJ China Forum.
Mobile payment represents a “big inflection point between China and the rest of the world,” underlining how the country has become a leader in technology, according to Victor Koo, founder of video streaming platform Youku.
The Carlyle Group has fully exited Greater China Intermodal Investments (GCI), its Asia-focused containership-building joint venture with US-based Seaspan Corporation.