Greater China
China O2O medicine platform raises $150m
Chinese online-to-offline (O2O) medicine retailer Dingdang Kuaiyao has raised RMB1 billion ($150 million) in an extended Series B round featuring Dragon Gate Investment Partners.
Sinovation seeks $1b for China AI fund
Sinovation Ventures is looking to raise $1 billion for a growth-stage private equity fund that will focus on introducing artificial intelligence technologies (AI) to traditional industries.
Legend closes eighth China VC fund on $500m
Legend Capital has closed its eighth US dollar-denominated venture capital fund at the hard cap of $500 million, continuing the rich vein of China VC fundraising.
China guidance funds: Money monsters
Government guidance funds are the policy-driven big beasts in China’s renminbi-fundraising landscape. While GPs may have little choice but to engage, they can do so judiciously
FountainVest poised for first close on latest China fund
FountainVest Partners has set a target of $2.8 billion for its fourth China-focused fund, with a first close of more than $1 billion expected as soon as this week.
CPE leads $224m round for China cancer diagnostics business
3D Diagnostic, a diagnostics spinout from Chinese tumor immunotherapy specialist 3D Medicines, has raised RMB1.5 billion ($224 million) in funding led by CPE, formerly known as CITIC Private Equity.
Ping An gives third-party investors exposure to PE portfolio
The international investment and asset management arm of China’s Ping An Insurance has raised $875 million through a secondary sale of part of its private equity portfolio.
Asia fundraising: Be prepared
LPs are becoming more flexible in their due diligence, in certain cases backing managers where there has been no face-to-face interaction, but COVID-19 has underlined the importance of pre-fundraise engagement
China's Source Code raises $567m for latest renminbi fund
Source Code Capital, a Chinese VC firm founded by Yi Cao, formerly a partner at Sequoia Capital China, has closed its fourth renminbi-denominated fund at RMB3.8 billion ($567 million).
Cenova leads $37m round for China's Nanyan Insurtech
Chinese insurance platform Nanyan Insurtech has raised a RMB250 million ($37 million) Series C round led by Cenova Ventures. SIG China and BlueRun Ventures both re-upped.
China's Miniso sees modest trading debut after $608m US IPO
Miniso, a Chinese low-cost retailer backed by Hillhouse Capital and Tencent Holdings, posted a small gain on its US trading debut following a $608 million IPO.
Hillhouse targets $12b for separate buyout, growth funds
China's Hillhouse Capital has split its current fundraising effort into separate buyout and growth strategies – having raised a single pool in the previous vintage – and is seeking $12 billion across the two funds.
China EV maker Enovate raises $742m
Enovate, a Chinese new energy vehicle manufacturer, has raised RMB5 billion ($742 million) in a funding round led by local government industry guidance funds and state-owned banks.
Vision Knight leads Series B for China education app
Shaonian Dedao, a Chinese education app for teenagers led by former CCTV host Quanlin Zhang, has raised RMB200 million ($29 million) in a Series B funding round led by Vision Knight Capital.
3H Health leads $67m Series B for China's EdiGene
China’s 3H Health Investment has led a RMB450 million ($67 million) Series B round for local genetics-based drug discovery and therapeutics developer EdiGene.
China cybersecurity provider BambooCloud raises $44m
Shenzhen-based cybersecurity company BambooCloud has raised a RMB300 million ($44 million) Series C round featuring Sequoia Capital China.
China's Gaorong closes Fund V at $1.1b
Gaorong Capital has closed its fifth US dollar-denominated fund with commitments of $1.15 billion. It brings the Chinese venture capital firm's assets under management to about $4 billion.
Tencent leads $100m round for China education platform
Huohua Siwei, a China-based children's online education platform specializing in mathematics and science, has raised $100 million in the second tranche of the Series E round.
Lee's Pharmaceutical spin-out gets $145m Series B
Hong Kong-based Zhaoke Ophthalmology Pharmaceutical (ZKO), a subsidiary of Lee’s Pharmaceutical, has raised a $145 million Series B round led by Hillhouse Capital and TPG Asia.
Fund focus: BA Capital backs youth
ByteDance spinout BA Capital has raised $147 million for its second renminbi-denominated fund and is also raising a US dollar vehicle. Backing consumer brands that resonate with young people underpins the investment thesis
Fund focus: CCV raises $300m for China fund
China Creation Ventures secures $300 million for Fund II, having found that some LPs are holding back on China commitments while others are even more willing to engage
China carpooling player Dida pursues Hong Kong IPO
Dida Chuxing – a Chinese peer-to-peer carpooling business that subsequently expanded into ride-hailing, putting it in direct competition with longstanding market leader Didi Chuxing – has filed for a Hong Kong IPO.
Everest Medicines soars on debut after $451m IPO
Everest Medicines, a Chinese biotech start-up backed by CBC Group, performed strongly in early trading in Hong Kong following a HK$3.5 billion ($451 million) IPO.
PE-backed Chinese fintech player Lufax files for US listing
Lufax, a Chinese online lending and wealth management platform valued at $39.4 billion following its most recent private funding round, has filed for an IPO in the US.
