Exits
Rocket Lab to go public via SPAC merger
Rocket Lab, a US-based space technology company that operates primarily in New Zealand, as agreed to merge with a special purpose acquisition company (SPAC) at an enterprise valuation of $4.1 billion.
GPs & SPACs: Filthy lucre?
The global SPAC craze is percolating into Asia, with private equity firms among the sponsors. LPs aren’t necessarily comfortable with the development, but there’s only so much they can do about it
China cloud IoT provider Tuya files for US IPO
Tuya, a Chinese software platform for internet-of-things (IoT) systems that mainly offers platform-as-a-service (PaaS) products is pursuing a US IPO.
FountainVest buys China logistics business
FountainVest Partners has agreed to acquire a majority stake in China-based CJ Rokin Logistics from Korea’s CJ Logistics for KRW733.8 billion ($661.3 million).
Everstone exits India bakery business
Everstone Capital has exited Indian bread brand Modern Foods to a local subsidiary of Grupo Bimbo, a global strategic headquartered in Mexico, for an undisclosed sum.
VC-backed Appier files for Japan IPO
Appier, a Taiwan-based advertising technology provider, has filed for a JPY26.4 billion ($250 million) Japan IPO. It sets up exits for several VC investors, including Sequoia Capital.
MBK exits China's Apex International
MBK Partners has agreed to sell Apex International, China’s second-largest air freight forwarder, to Swiss logistics giant Kuehne + Nagel.
B Capital launches SPAC
B Capital Group, a US-based venture capital firm with a presence in Singapore and a significant Asia portfolio, is looking to raise $300 million for a special purpose acquisition company (SPAC).
China cancer screening business gains on Hong Kong debut
New Horizon Health, a China-based and venture capital-backed cancer early screening company, rose 215% on its trading debut following a HK$2 billion ($258 million) Hong Kong IPO.
China's CITIC sells US dental business
CITIC Capital Partners has exited US-based dental business DDS Lab – the private equity firm’s first acquisition in the US as a lead investor – to RoundTable Healthcare Partners for an undisclosed sum.
PE-backed JD Logistics set for Hong Kong listing
JD Logistics, a supply chain solutions and logistics provider that spun-out from Chinese online retailer JD.com, has filed for a Hong Kong IPO. The company has received $2.57 billion in private funding.
Bharti Airtel to buy back stake in DTH business from Warburg Pincus
Warburg Pincus has agreed to exit its stake in Bharti Telemedia, the direct-to-home (DTH) satellite television services arm of Indian telecom services provider Bharti Airtel, through a share buyback worth INR31.3 billion ($429.5 million) in cash and shares.
China teahouse chain Nayuki pursues Hong Kong IPO
Nayuki, a private equity-backed Chinese teahouse chain also known as Naixuecha, has filed for a Hong Kong IPO. It comes on the heels of a $100 million Series C round.
PE-backed Arohan Financial Services files for India IPO
Arohan Financial Services, an Indian microfinance institution (MFI) that was acquired by Aavishkaar Group in 2012 and went on to receive funding from several other PE investors, has filed for a domestic IPO.
Waterman set for $140m windfall from My Food Bag IPO
New Zealand’s Waterman Capital will realize up to NZ$193.9 million ($140 million) through the IPO of My Food Bag, a home delivery service that provides customers with ingredients and recipes to cook their own meals.
Deal focus: Potentia exits Ascender, closes debut fund
Potentia Capital's debut fundraise was given extra impetus by an impending exit from Australia-based software provider Ascender, which delivered a 30x return
Korean e-commerce player Coupang set for US listing
Coupang, a Korean e-commerce business that has secured approximately $3.5 billion in private funding over the past decade, has filed for an IPO in the US.
Deal focus: CPE backs MicroPort's medical devices agenda
CPE has backed a string of spinouts from Chinese medical device manufacturer MicroPort Medical. MicroPort CardioFlow Medtech’s Hong Kong IPO represents its first liquidity event
China's Cloopen, Adagene complete strong US IPOs
Cloud services provider Cloopen and biotech developer Adagene, both backed by Sequoia Capital China, have raised a combined $460 million in their US IPOs.
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...
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.
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).
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's Kuaishou surges on debut after $5.4b Hong Kong IPO
Kuaishou, a Chinese video-sharing and social networking platform backed by Tencent Holdings, 5Y Capital and DST Global, started trading at nearly three times its IPO price following a Hong Kong IPO that valued the company at HK$1.1 trillion ($142 billion).
