Renminbi
China tightens domestic private fund supervision
The Asset Management Association of China (AMAC), a self-regulatory organization for the PE industry set up by the securities watchdog, has tightened rules on domestic fund managers’ registration, with a view to cracking down on financial scams.
Beijing suspends domestic PE registrations
The Beijing government has suspended domestic private equity investment registrations in relation to suspected illegal fundraising.
VC-backed Qufenqi raises new round, plans domestic IPO
Qufenqi, a Chinese electronic retailer that allows buyers to pay in installments, has completed a new round of renminbi-denominated funding, having removed its variable interest entity (VIE) structure in preparation for an onshore listing.
Chinese regulator halts GP listings on New Third Board
China’s securities regulator has suspended listings and fundraising by domestic private equity firms on the National Equities Exchange and Quotation (NEEQ) system, also known as the New Third Board.
China Everbright launches renminbi fund-of-funds
China Everbright has established a fund-of-funds with initial capital of RMB5 billion ($769 million) and a full target of RMB10 billion.
Tsinghua Holdings reaches first close on China fund-of-funds
Redbud Capital, a VC fund-of-funds investment unit under Tsinghua Holdings, has reached a first close of RMB1 billion ($154 million) on its latest China-focused fund.
Five trends for 2016
What do the next 12 months have in store? AVCJ has some ideas, but first here is a review of the predictions made for 2015…
China's Cowin Capital to exit jewelry retailer Myray
Shenzhen Cowin Capital is poised to exit jewelry retailer Myray to Gansu Gangtai Holdings following the Shanghai-listed company's agreement to buy a further 36.96% of Myray for RMB170 million ($26 million).
Ameba Capital closes second China VC fund at $157m
Ameba Capital, an early-stage VC firm co-founded by former executives from Alibaba Group and Kingsoft, has closed its second renminbi-denominated fund at RMB1 billion ($157 million).
Tiantu Capital to list on China’s New Third Board
China consumer-focused GP Tiantu Capital has been approved to list on the National Equities Exchange and Quotation (NEEQ), also known as the New Third Board. It has raised a total of RMB2.68 billion ($420 million).
CITIC Capital to list on China’s New Third Board
Chinese alternative investment firm CITIC Capital Holdings is seeking to list on the National Equities Exchange and Quotation (NEEQ), also known as the New Third Board.
ChinaEquity Group to list on New Third Board
ChinaEquity Group, a Beijing-based private equity firm, has won regulatory approval to list its renminbi investment business on China’s National Equities Exchange and Quotations (NEEQ), also known as the New Third Board.
Fosun, Zhejiang government launch RMB fund-of-funds
Fosun Group and the Zhejiang provincial government will launch a RMB10 billion ($1.6 billion) renminbi-denominated fund-of-funds (FoF), with a view to restructuring and transforming different industries.
Tiantu leads $63m round for China fruit store chain
Chinese fruit store chain Pagoda has completed a RMB400 million ($63 million) Series A round of funding, with consumer-focused GP Tiantu Capital contributing RMB350 million.
Gobi raises RMB fund for China start-ups
Gobi Partners has formed a RMB600 million ($94.1 million) fund that will focus on seed, pre-Series A and Series A investments in early-stage Chinese companies.
PE-backed La Chapelle, Legend Capital launch PE fund
Hong Kong-listed Shanghai La Chapelle Fashion, a ladies' apparel maker backed by a string of PE investors, has partnered with Legend Capital to set up a PE fund worth RMB153 million ($24 million).
China’s Banyan Capital closes second RMB fund at $89m
Chinese venture capital firm Banyan Capital has raised RMB560 million ($89 million) for its second renminbi-denominated fund.
CDH to raise $600m China mid-market fund
CDH Investments is looking to raise $600 million for a China mid-market fund, with half of the corpus in US dollars and the other half in renminbi.
China’s CASH Capital targets $193m for Fund II
CASH Capital, the venture capital arm of the state-owned Chinese Academy of Sciences Holdings (CASH Holdings), is seeking to raise RMB1.2 billion ($193 million) for its second renminbi-denominated venture fund.
Carlyle commits $85m to China’s Ubox
The Carlyle Group has invested RMB530 million ($85 million) in Beijing Ubox Technology & Trade, a vending machine operator in China.
Former Matrix China director launches RMB VC fund
Roger Hu, a director at Matrix Partners China, has teamed up with Yi Zheng, formerly vice president at Chinese dating app Momo, to launch a renminbi-denominated early-stage fund.
Renminbi secondaries: An underpenetrated market
Plenty of Chinese high net worth individuals want to sell LP interests in renminbi funds. Local and foreign secondaries managers would like to take advantage, but they are held back by an immature market
Mercurius Capital launches $80m PE fund with Chinese firm
Mercury Capital Investment, a subsidiary of Singapore-listed Mercurius Capital Investment, has teamed up with a Chinese real estate developer to launch a RMB500 million ($80 million) PE fund targeting urbanization projects in China.
China’s Tiantu commits $32m in dining mobile app
Chinese consumer-focused GP Tiantu Capital has invested RMB200 million ($32 million) in a Series A round of funding for Kaizhuo, a mobile app can be used to make restaurant bookings and payments.