Articles by Winnie Liu
China's Ping An raises $2.2b for healthcare, fintech units
Ping An Insurance Group has raised $2.2 billion in private equity funding for its three technology businesses: Ping An Good Doctor, Ping An Healthcare Management, and OneConnect Financial Technology.
Baidu Ventures makes $318m first close on AI fund
Baidu Ventures, an independent VC firm set up by Chinese internet player Baidu, has achieved a first close of more than RMB2 billion ($318 million) on its second renminbi-denominated fund that focuses on artificial intelligence (AI).
China's Legend Star closes $127m VC fund
Legend Star, the early-stage investment arm of China’s Legend Holdings, has closed its third VC fund at RMB800 million ($127 million).
Chinese auto financing site raises $92m Series B round
Meliche Jinrong, the online auto finance subsidiary of Chinese consumer loans site Meili Jinrong, has raised a $92 million Series B round led by local agribusiness player New Hope Group.
Cooley hires fund formation partner in Beijing
Cooley has hired Xun Zeng as a resident partner in its newly opened Beijing office. Zeng joins from Ropes & Gray in Hong Kong, where she was a counsel in the private investment funds group.
Ping An healthcare app files for Hong Kong IPO
Ping An Healthcare & Technology - the PE-backed business that runs the healthcare-focused mobile app known as Ping An Good Doctor in China - is seeking a separate listing in Hong Kong from its parent company Ping An Insurance.
China electric car maker Xpeng raises $348m
Xpeng Motors, a Chinese electric car manufacturer, has completed a RMB2.2 billion ($348 million) Series B round of funding led by Alibaba Group, Foxconn Technology Group, and IDG Capital.
Chinese banks to launch debt-for-equity swap funds
Chinese banks will be allowed to raise capital from third-party investors to participate in debt-for-equity swap programs as regulators look for additional ways to alleviate the country’s corporate debt problem.
Chinese financial services platform concludes $63m Series B
Huisuanzhang, a Chinese finance and tax management software developer, has completed a RMB400 million ($63 million) Series B round of funding across two tranches.
China's Dianrong raises additional $70m for Series D
Chinese peer-to-peer (P2P) lending platform Dianrong has raised an additional $70 million in Series D funding, taking the total round to $290 million.
China fintech: Follow the consumer
A crackdown on cash loans has undermined investor confidence in China’s fast-growing online consumer-lending market. However, VC players are confident that start-ups can find other angles
GLP leads $36m round for China's Songxiaocai
Warehouse operator Global Logistic Properties (GLP) has led a RMB230 million ($36 million) investment in Songxiaocai, a business-to-business (B2B) platform that provides agricultural wholesale services to Chinese retailers.
China's Shunwei Capital appoints new partner
Chris Lai, formerly a venture partner at China-focused Sinovation Ventures, has joined Shunwei Capital Partners, a VC firm set up by Xiaomi founder Lei Jun, as a partner.
Joy leads $20m round for Chinese e-commerce site
Joy Capital has led a $20 million round of funding for The Good Stuff, an e-commerce start-up that uses online influencers to sell products.
Alibaba's Taiwan fund backs fitness brand
Space Cycle, a boutique fitness studio chain operating in mainland China and Taiwan, has raised a RMB100 million ($15.6 million) Series B round of funding led by Alibaba Taiwan Entrepreneurs Fund.
Deal focus: VCs see value in secondhand luxury
Chinese online pre-owned luxury goods retailer Xinshang aims for scale with investments from GGV Capital, Joy Capital and Northern Light Venture Capital
Deal focus: Black Fish emphasizes focus on fintech
Lightspeed, Morningside, Jafco and Gobi contribute to the first institutional round of funding for Chinese financial technology player Black Fish
Fosun Capital leads $80m Series B for China's BingoBox
BingoBox, a Chinese unmanned convenience store operator, has raised an $80 million Series B round of funding led by Fosun Capital. Existing investors Prometheus Capital, Qiming Venture Partners, GGV Capital and Ventech China also took part.
Overseas LPs find entering Asia challenging
Overseas institutional LPs – in particular those willing to write larger checks – have found it difficult to access Asia's private equity market, industry participants told the HKVCA Asia Private Equity Forum.
China apartment rental firm Ziroom raises $621m
Ziroom, a Chinese apartment rental service provider, has raised a RMB4 billion ($621 million) Series A round of funding led by Warburg Pincus, Sequoia Capital, and Tencent Holdings.
China's Bianlifeng acquires VC-backed Lingwa
Bianlifeng, a Chinese PE-backed cashier-free convenience store operator, has acquired a controlling stake in its peer Lingwa. Financial terms were not disclosed.
Morningside, Legend lead $112m round for China's Pony.ai
Pony.ai, a China and US-based start-up that develops autonomous driving solutions, has completed a $112 million Series A round of funding jointly led by Morningside Venture Capital and Legend Capital.
CICC leads $96m round for Chinese sports site Hupu
Hupu Sports Media, a Chinese language sports information and e-commerce site, has raised a RMB618 million ($96 million) round led by a government-backed fund managed by China International Capital Corporation (CICC).
CITIC Capital takes majority control of Harbin Pharmaceutical
CITIC Capital has increased its stake in Harbin Pharmaceutical Group to 60.86%, becoming the controlling shareholder of the Chinese state-backed business in which it has been an investor since 2005.