Lindeman Asia backs China's Cogobuy – update

According to a filing, the investors are participating alongside Hong Kong's New China Asset Management and Da Cheng International Asset Management in a share placement that will secure a combined 10.6% holding in the company. Earlier this month, the company initiated a share placement representing 20% of its existing capital that aimed to generate up to HK$3.4 billion in net proceeds.

Founded in 2010, Cogobuy claims to be the largest e-commerce platform for the electronics manufacturing industry in China. Services include direct sales, online marketing, technical consultation and online and offline support across pre-sale, sale and post-sale stages. Revenue improved 38% during 2015 to RMB9.4 billion ($1.4 billion) while profit gained 77% to RMB343.9 million.

The investment follows closely on Lindeman's launch of a KRW300 billion ($269 million) fund targeting Chinese companies in the IT, healthcare and biotechnology sectors. The vehicle is understood to be backed by KRW100 billion commitments from both the National Pension Service and Korea Development Bank as well as a KRW50 billion contribution from the Korea Teachers' Credit Union.

Lindeman claims to have raised about KRW360 billion for China-focused funds. The firm raised the KRW112 billion Global Cooperation Fund in 2014 and then last year closed Lindeman Asia Korea Venture Fund No. 10 at KRW75.8 billion.

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