Private equity-backed Chinese coffee shop chain Luckin Coffee has confirmed earlier suspicions of large-scale financial fraud in its operations, while a proposal to remove the company’s chairman failed to receive enough shareholder support.
An internal investigation found that fabrication of transactions starting in April 2019 resulted in Luckin’s net revenue for that year being inflated by approximately RMB2.12 billion ($300 million) –...
Black Sesame Technologies, a China-based chipmaker specializing in autonomous driving applications, has closed a Series C extension led by SummitView Capital. This brings the size of the overall round to USD 500m.
Japanese lower middle-market private equity firm J-Star has made an investment of undisclosed size in air cargo transportation and courier services provider Score Japan Holdings.
Gaorong Capital and Tsing Song Capital have led a CNY 500m (USD 74m) Series C for IntellectiveBio, a China-based contract development and manufacturing organisation (CDMO).
Morningside Venture Capital has teamed up with Kingray Capital, Trinity Innovation Fund, TigerYeah Capital, and FountainBridge Capital to provide USD 20m in angel and pre-Series A funding for Epigenic Therapeutics, a China-based gene editing specialist.