Luckin Coffee, a PE-backed Chinese coffee shop chain that went public in the US last year, has admitted that RMB2.2 billion ($310 million) worth of sales booked in 2019 were fabricated.
4Paradigm, a Chinese artificial intelligence (AI) start-up, has raised about $80 million in an extended Series C round, bringing its valuation to more than $2 billion.
CVC Capital Partners has closed its fifth Asia fund at the hard cap of $4.5 billion. The firm said the step up from $3.5 billion for Fund IV reflects an expansion in its regional investment capabilities.
Ocean Link, a Chinese private equity firm that targets travel, tourism and related consumer subsectors, has made a take-private offer for online classifieds marketplace 58.com that values the business at approximately $7 billion.
WiMi Hologram Cloud, a PE-backed Chinese augmented reality (AR) technology developer, traded flat on its opening day on NASDAQ following a $26.1 million IPO.
Telaidian’s recent Series A round underlines the opportunities in China’s electric vehicle charging space. While growth seems certain, some industry dynamics have yet to play out
COSMOPlat, an industrial internet platform developed by Chinese home appliance giant Haier Group, has raised RMB950 million ($134 million) in Series A funding led by the state-owned China Structural Reform Fund.
Gaocheng Capital, a China-focused private equity firm established in 2018 following a spin-out from Hillhouse Capital, has closed its first US dollar-denominated fund with $300 million in commitments.
Chinese online education start-up Yuanfudao has seen its valuation soar to $7.8 billion on closing a $1 billion funding round led by Hillhouse Capital.
A protracted legal dispute between a cross-border private equity firm and a Chinese investor is a reminder of the difficulties that can arise over fund defaults. Negotiation is always the preferred course of action
Zhenge Biotech – a Shanghai-based contract development and manufacturing organization (CDMO) for large molecule drugs – has raised $51 million in Series A funding led by Lyfe Capital.
Wanda Sports Group, the sports, media and marketing subsidiary of Chinese real estate conglomerate Wanda Group, has sold the Ironman brand to two US-based investors for an enterprise valuation of $730 million.
China Renaissance has led a RMB300 million ($42 million) extended Series C round for Chinese expense management solution provider Huilianyi. Additional contributions came from existing investors SBCVC, Blue Lake Capital and Z Capital.
China Renaissance ended 2019 holding RMB7.2 billion ($1 billion) in dry powder across its latest flagship renminbi and US dollar-denominated funds, with the firm noting that “great investment windows typically surface during turbulent times.”
MiningLamp Technology, a Chinese big data company, has raised $300 million Series E led by Temasek Holdings and Tencent Holdings. Kuaishou, a local short-video sharing platform backed by Tencent, also took part in the round.
Udesk, a software-as-a-service (SaaS) provider focused on customer service systems, has raised RMB250 million ($35 million) in an extended Series C round from an undisclosed US hedge fund.
Temasek Holdings has led a $70 million Series C round for Chinese drug developer Abbisko Therapeutics.
Fengxing Zhitu, a subsidiary of Chinese courier company SF Express, has raised a RMB100 million ($14 million) Series A round led by Everest Venture Capital. Oriza Holdings, Maison Capital, and Jade Capital also took part.
Brian Chi, who previously spent more than a decade making China investments for The Blackstone Group and Morgan Stanley Private Equity Asia (MSPEA), has joined Loyal Valley Capital as a partner.
Nature’s Fynd, a US-based developer of edible proteins from non-animal and non-plant sources that is seen as having considerable application potential in Asia, has raised $80 million in Series B funding.
Having established itself as a leading player in the renminbi space, China healthcare sector specialist GTJA Investment Group now wants to prove its worth to overseas LPs
Hillhouse Capital has led a $60 million Series B round for China’s Iaso Biotherapeutics via its newly established VC unit GL Ventures.
Bosheng Guangdian, a Chinese optical semiconductor maker targeting the smart phone market, has raised RMB100 million ($14 million) from a group featuring Vision Knight Capital.
Economic disruption caused by the coronavirus outbreak is likely to leave many private equity portfolio companies in breach of their leverage covenants. Borrowers and lenders are looking for a fix