Yonyou Software sells RayooTech stake to Shenzhen Fortune ahead of IPO
China’s Yonyou Software will sell its entire 18.73% stake in Beijing RayooTech company for RMB75.37 million ($12.26 million) to Shenzhen Fortune Venture Capital. This comes ahead of an expected IPO for RayooTech.
According to a regulatory filing, Shenzhen Fortune will acquire the shares through three investment vehicles. The sale will support Yonyou's balance sheet after the company posted a net loss of RMB39.88 million in the first quarter this year.
RayooTech is an IT and R&D outsourcing services provider with clients in the US, Europe, Japan and China. Local media reported that the company is in the queue to list on Chinext, although China's securities regulator has yet to lift its suspension of IPOs.
Established in 2000, Shenzhen Fortune manages over RMB11.5 billion across five investment funds.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.