China
Chinese network service provider receives $35.6m led by Legend Capital
AgotoZ, a Chinese network-as-a-service (NaaS) provider, has raised RMB250 million ($35.6 million) in an extended Series B led by Legend Capital. Existing investors SIG China and Northern Light Venture Capital re-upped.
Tencent backs China education service provider
Tencent Holdings has joined an extended Series D round for Gaosi Education, a technology supplier for K12 after-school tutoring institutions in China that has now rebranded as Aixuexi.
China sensor manufacturer secures $7m
Camsense, a Shenzhen-based manufacturer of high-precision vision sensors, has raised RMB50 million ($7 million) in a round led by Chenhui Venture Partners and Feng Yang Capital.
Chinese gas station platform raises $110m Series C
Newlinks Group, operator of the Chezhubang platform that helps drivers in China locate the best value gas stations, has raised a $110 million Series C round led by Joy Capital.
China’s Genetron secures $50m Series D, seeks US IPO
Genetron Holdings, a precision oncology technology developer in China, has raised a $50 million Series D round and filed for a US IPO.
Chinese cancer database provider secures $140m
Medbanks, a Chinese oncology database platform, has raised around RMB1 billion ($140 million) in an extended Series D funding round led by Tencent Holdings and Wu Capital.
Y Combinator abandons China program
Silicon Valley-based accelerator Y Combinator has terminated its recently launched China program citing a change in its US leadership.
China’s MSA Capital, Bahrain bank launch $50m VC fund
Beijing-based MSA Capital and Al Salam Bank-Bahrain have set up a $50 million VC fund that will target cross-border opportunities between China and the Middle East and North Africa (MENA) region.
China targets $7b security industry fund
China Reform Holdings, a state-owned fund manager with RMB700 billion ($100 billion) in assets under management, has launched a RMB50 billion fund that will make investments in the security industry, with a particular focus on technology-enabled services.
Chinese bitcoin player completes $90m IPO, endures bumpy debut
Chinese bitcoin mining equipment manufacturer Canaan experienced a volatile first day of trading on NASDAQ after raising $90 million in a smaller-than-expected IPO.
Chinese hotel digital services provider secures $14m Serie A
Htrip, a China-based hotel digital services platform, has raised RMB100 million ($14 million) in an extended Series A funding round, led by Shenzhen Venture Capital.
New Frontier Group: Another kind of platform
Led by two former executives with The Blackstone Group in Asia, New Frontier Group has so far looked beyond traditional PE funding channels as it builds large-scale Chinese healthcare platforms
Chinese guidance fund secures $21b in LP commitments
China’s Ministry of Finance has rallied state-owned enterprises (SOEs) and local governments to support a RMB147.2 billion ($20.9 billion) fund that will drive a transformation of the country's manufacturing sector.
China SaaS: Dark side of the moon
Venture capital investors in China are turning their minds and manpower to the country’s nascent enterprise software opportunity, but the evolution curve is unlikely to be an exact match of the US
Xiaomi-backed smart home player raises $100 million
Lumi United, a Chinese smart home appliances and internet-of-things (IoT) solutions provider backed by smart phone maker Xiaomi, has raised $100 million in the third tranche of a Series B funding round.
GPs see more cross-border M&A within Asia – AVCJ Forum
The Asian M&A market, typically characterized by cross-border deals with Western entities, is seeing more intra-regional activity, industry participants told the AVCJ Forum.
PE-backed Chinese SaaS player pursues US IPO
CDP, a Chinese human resources software-as-a-service (SaaS) platform that counts NASDAQ-listed 51job and China Broadband Capital (CBC) as its largest external investors, has filed for an IPO in the US.
PE-backed Ping An fintech spin-out pursues US offering
OneConnect Financial Technology, an affiliate of China’s Ping An Insurance backed by the likes of IDG Capital, SBI Group, and SoftBank Vision Fund, has filed to list in the US.
Investors cautiously optimistic on China buyouts - AVCJ Forum
The emergence of willing sellers, a pullback in competition from strategic investors, and greater availability of leveraged financing are contributing to more buyout deal flow in China.
China VCs get more selective - AVCJ Forum
Chinese venture capital firms are doubling down on areas in which they have domain expertise as the spectrum of opportunities widens, industry participants told the AVCJ Forum.
China electric car maker Xpeng closes $400m Series C
Xpeng Motors, a Chinese electric vehicle manufacturer established by Xiaopeng He, previously founder of web browser UCWeb and a senior executive at Alibaba Group, has raised $400 million in Series C funding.
Primavera raises $3.4b for third China fund
Primavera Capital Group has closed its third China fund at $3.4 billion, having extended the fundraising period by six months.
PAG, Centurium win firm of the year prizes at AVCJ Awards
PAG Asia Capital and Centurium Capital secured the two firm of the year prizes at the 2019 AVCJ Private Equity & Venture Capital Awards, while Renuka Ramnath of India’s Multiples Alternative Asset Management won the AVCJ Special Achievement Award.
Chinese medical device start-up receives $100m
Chinese medical instrument provider Peijia Medical has raised a RMB700 million ($100 million) Series C round from a group including Matrix Partners China and Lilly Asia Ventures.