Greater China
China's Luckin Coffee reveals $310m in fabricated sales
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.
China AI player 4Paradigm closes $230m Series C
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 closes fifth Asia fund at $4.5b
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 seeks $7b privatization of China's 58.com
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.
VC-backed Chinese AR start-up raises $26m in US IPO
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.
Jumpstarted: Investors target China's EV charging networks
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
China's Haier raises $134m for industrial internet platform
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.
China's Gaocheng secures $300m for debut US dollar 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.
Hillhouse leads $1b round for China’s Yuanfudao
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.
China LP defaults: Battle of wills
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
Shanghai CDMO player gets $51m Series A
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.
China's Wanda exits Ironman to strategic, PE buyers
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.
Chinese expense management specialist secures $42m
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 looks for opportunities amid turbulence
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.”
Temasek, Tencent lead $300m round for China's MiningLamp
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.
Chinese smart IT services provider Udesk raises $35m
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 leads $70m Series C for China's Abbisko Therapeutics
Temasek Holdings has led a $70 million Series C round for Chinese drug developer Abbisko Therapeutics.
Everest leads Series A for Chinese map provider
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.
China's Loyal Valley recruits ex-Blackstone executive
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.
Alternative protein player Nature's Fynd gets $80m Series B
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.
GP profile: GTJA Investment Group
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 leads $60m Series B for China biotech player
Hillhouse Capital has led a $60 million Series B round for China’s Iaso Biotherapeutics via its newly established VC unit GL Ventures.
Chinese optical semiconductor maker raises $14m
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.
Coronavirus & leverage: Room to maneuver?
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
