Investments
China EV maker WM Motor gets $1.7b in debt financing
Chinese electric vehicle (EV) manufacturer WM Motor has secured RMB11.5 billion ($1.78 billion) in debt from domestic banks. It follows a RMB10 billion equity funding round featuring several government investors.
New Frontier to privatize US-listed China hospital business
The New Frontier Group-led consortium that acquired Chinese hospital operator United Family Healthcare (UFH) through a special purpose acquisition company (SPAC) in 2019 is now looking to take the US-listed business private at a valuation of around $1.6...
Carlyle abandons pursuit of Japan Asia Group
The Carlyle Group and the chairman of Japan Asia Group (JAG) have abandoned their bid for the company after a tender offer failed to generate sufficient shareholder support.
China's Meishubao gets $40m Series D extension
Meishubao, a China-based online art education platform, has completed a Series D extension of more than $40 million that takes the overall funding round past $250 million.
India SaaS: Global first
India’s enterprise software start-ups have traditionally ceded the spotlight to their consumer-facing peers, primarily because of their outlook – and their VC backers – are US-oriented. That is now changing
Sequoia, Tencent lead Series E for China’s Miaoshou Doctor
Beijing Yuanxin Technology, operator of China-based online healthcare services platform Miaoshou Doctor, has raised RMB3 billion ($466 million) in Series E funding led by Sequoia Capital China and Tencent Holdings.
Indian news app Dailyhunt raises $100m
Indian news app Dailyhunt has raised $100 million led by Qatar Investment Authority (QIA) and Glade Brook Capital Partners. It extends a $102 million Series H round last year featuring Google.
Match buys VC-backed Korean social platform for $1.7b
Hyperconnect, a Korean social media platform backed by Altos Ventures and SoftBank Ventures Korea, has agreed to an acquisition by online dating giant Match Group for $1.73 billion in cash and stock.
MBK targets $639m acquisition of Japan aged care business
MBK Partners has joined the list of private equity firms pursuing deals in Japan’s aged care and healthcare space, having launched a tender offer for Tsukui Holdings Corporation at a valuation of JPY66.9 billion ($639 million).
Advent buys majority stake in India's ZCL, MSPEA exits
Advent International has agreed to acquire Indian pharmaceuticals supplier ZCL Chemicals, setting up a minority exit for Morgan Stanley Private Equity Asia (MSPEA).
Brunei, CPE join Series C extension for China's Pony.ai
Chinese autonomous driving technology supplier Pony.ai has secured a Series C extension of $100 million featuring new investors Brunei Investment Agency and CPE. It takes the company’s total funding to date past $1.1 billion.
China robotics: Automation nation
China is a global leader in robot manufacturing, but only in areas characterized by high volumes and low technology value. Can more start-ups climb from medium-tech to hard-tech?
China vocational education provider gets $390m Series A
Fenbi, a China-based vocational education platform, has raised $390 million in a Series A round led by IDG Capital and Trustbridge Partners. Hony Capital also took part.
MIRA makes $2.6b bid for Australia's Vocus
Macquarie Infrastructure & Real Assets (MIRA) has offered to acquire Australian broadband internet provider Vocus Group for about A$3.4 billion ($2.6 billion). It follows a string of abandoned bids.
AVCJ Awards 2020: Special Achievement: Lip-Bu Tan
Recognized as one of the pioneers of venture capital in Asia, Walden International’s Lip-Bu Tan still gets a kick out of leveraging his years of experience to help nascent start-ups
Deal focus: Opportunity knocks in Japan's pricey auto space
Dream Incubator's VC arm started tracking Nyle after the Japanese online media start-up made a timely pivot into car leasing. It led to a JPY5 billion ($48.3 million) funding round
CDH exits Singapore equipment rental business
Japanese conglomerate Sumitomo Corporation has acquired Singapore-based construction equipment rental business Aver Asia, facilitating a full exit for CDH Investments.
Fund focus: TR raises $350m for China-heavy secondaries strategy
Having closed its fourth fund at the hard cap of $350 million, Asia secondaries specialist TR Capital expects to go deep into China fund restructurings, taking out renminbi investors onshore and offshore
Indigenous New Zealand LP backs pathology business
Te Puia Tapapa (TPT), a PE investor serving New Zealand indigenous groups, has backed a pathology business owned by New Zealand Superannuation Fund (NZ Super) and Ontario Teachers’ Pension Plan (OTPP).
India gaming platform MPL gets $95m Series D
Mobile Premier League (MPL), an Indian mobile gaming platform that matches users for competitive play, has raised a $95 million Series D round at a post-money valuation of $945 million.
Carlyle, Brighton Park invest $200m in India's Indegene
The Carlyle Group and US GP Brighton Park Capital have committed a combined $200 million to Indegene, an Indian technology provider for the healthcare and life sciences industries.
Tencent leads Series C for China gene sequencing player
Guangzhou-based precision diagnosis and gene sequencing company Vision Medicals has raised RMB200 million ($31 million) in Series C funding led by Tencent Holdings.
Temasek impact arm leads Series B for Vietnam dental player
ABC World Asia, the impact investment arm of Temasek Holdings, has led a $24 million Series B found for Kim Dental, a Vietnam-based dental clinic operator. Existing backer Aura Private Equity also participated.
CVC takes majority stake in Shiseido's personal care division
CVC Capital Partners is set to make its largest investment in Japan since before the global financial crisis, having agreed to purchase of a majority stake in Shiseido’s personal care business at a valuation of JPY160 billion ($1.52 billion).