Renminbi
China insurance and PE: Get real
The asset management units of Chinese insurance companies can no longer launch debt-like products masquerading as private equity, amid concerns about rising corporate and local government debt burdens
China’s 6 Dimensions raises $844m for debut healthcare fund
China’s 6 Dimensions Capital, which was formed through the merger of WuXi Healthcare Ventures and Frontline BioVentures, has raised approximately $844 million for its debut healthcare fund.
Chinese GP accused of misusing SF Express project fund
Longstand Capital, a Chinese PE fund manager, has accused industry counterpart Beijing Dabai Huicai Investment Management of taking capital intended for investment in SF Express, China’s largest express delivery services provider, and putting it into...
China’s United Imaging Healthcare raises $509m Series A
Shanghai United Imaging Healthcare, a China-based medical imaging device maker, has completed a RMB3.33 billion ($509 million) Series A round of funding co-led by state-backed SDIC Fund Management and China Life Healthcare Fund.
Tech firms, state-backed funds in $12b China Unicom deal
State-owned telecom group China Unicom said it will raise RMB78 billion ($12 billion) from private and state investors – including domestic technology companies, Qianhai FoF and China Structural Reform Fund – in response to the government’s mixed-ownership...
CITIC Capital raises $1.57b for US dollar tranche of China fund
CITIC Capital Partners has closed the US dollar-denominated portion of its latest China fund at the hard cap of $1.57 billion after about one year in the market. The renminbi tranche is still being raised, with a target of RMB3 billion ($439 million).
China aerospace player launches $22b tech fund
China Aerospace Science & Technology Corporation (CASC) has launched a RMB150 billion ($22 billion) fund with a group of state-owned enterprises (SOEs) to invest in new technologies.
Tianjin government launches $14.5b guidance fund
The Tianjin government is looking to raise RMB100 billion ($14.5 billion) for a renminbi-denominated fund intended to stimulate private investment in pillar industries such as high-end manufacturing, information technology and aerospace.
China launches $21.7b SOE restructuring fund
Guangzhou Industrial Investment Fund Management, an investment arm of the Guangzhou government, has partnered with China Reform Holdings and Shanghai Pudong Development Bank to launch a state-owned enterprise (SOE) restructuring fund with a target size...
Dual currency fundraising: Servant of two masters
A resurgence in renminbi fundraising has prompted GPs best known for US dollar funds to enter the local currency market. Addressing conflicts of interest in an increasingly complex industry will prove difficult
Renminbi fundraising: Policy power
The launch of several huge government-backed funds has skewed renminbi-denominated fundraising in China. What does their arrival mean for valuations and for the nascent independent LP community?
Lightspeed China’s co-founder Ron Cao to start own firm
Ron Cao, co-founder and managing director of Lightspeed China Partners, is preparing to set up his own venture capital firm called Yunjiu Capital.
China announces new rules for GPs listing on New Third Board
China’s securities regulator said it would resume its approval of qualified private equity firms listing on the National Equities Exchange and Quotations (NEEQ), while imposing tighter listing requirements.
Local GP ChinaEquity assumes control of A-share company
ChinaEquity Group, a private equity firm listed on the National Equities Exchange and Quotations (NEEQ), has acquired a controlling interest in an A-share listed company in what could be an attempt to move to the larger exchange.
Meridian Capital seeks $307m for China VC fund
Meridian Capital, a Chinese technology-focused venture capital firm, is looking to raise RMB2 billion ($307 million) for its latest renminbi-denominated fund.
China regulator to tighten rules on domestic PE fundraising
The China Securities Regulatory Commission (CSRC) will take further steps to regulate the domestic private fund industry in response to an acceleration in illegal fundraising activities.
StarVC co-founder launches new China VC fund
Xiaoming Huang, a Chinese actor who co-founded celebrity fund StarVC, has launched a new venture capital firm called Ming Capital.
Innovation Works co-founder launches China seed fund
Zhaohui Wang, co-founder and formerly operating partner at Innovation Works, has launched a China-focused seed fund to invest in culture, media and sport-related assets.
Chinese travel app developer Huoli secures $144m
Shenzhen Huoli Tianhui Technology, the parent company of Chinese flight management app Flights Manager, has raised RMB933 million ($144 million) in a Series C round of funding.
CITIC Capital targets $1.5b for China fund
CITIC Capital Partners is targeting $1.5 billion for its latest China-focused private equity fund, having combined the teams that previously pursued separate China and international strategies.
China B2B online liquor retailer Yi Jiu Pi raises $30m
Yi Jiu Pi, a Chinese B2B online liquor retailer, has raised an extended Series B round worth RMB200 million ($30 million) co-led by domestic GPs Yuan Sheng Ventures and Eastern Bell Venture Capital.
Cybernaut China hires ex-IBM executive, launches M&A fund
China-focused PE firm Cybernaut has hired Matt Wang, formerly a vice president at IBM, as president and announced the launch of a RMB60 billion ($9 billion) M&A fund.
China PE regulation: Operation good guys
The rapid growth of online finance technology has turned China into a hotbed for illegal fundraising, with local PE fund managers drawn into the mess. Can new regulation restore investor confidence?
TCL, Tsinghua Unigroup launch $1.5b China M&A fund
Chinese electronics manufacturer TCL Group has partnered with Tsinghua Unigroup, an investment arm of Tsinghua University, to launch an industry M&A fund with a target of RMB10 billion ($1.53 billion).