Greater China
AIIB launches $160m to cleantech VC strategy
Asian Infrastructure Investment Bank (AIIB) has committed USD 160m to a plan to back small-scale venture capital funds targeting cleantech and technology-enabled sustainable infrastructure.
Hesai gains 11% on debut after $190m US offering
Hesai Technology, a China-based developer of sensors used in autonomous driving, traded up on debut after completing the largest US IPO by a Chinese company since Didi in 2021.
China's Oriza Rivertown raises $236m
Oriza Rivertown, the growth investment arm of Suzhou-based Oriza Holdings, has raised CNY1.6bn (USD 236m) across two funds, bringing its total asset under management to CNY 4.5bn.
AVCJ Awards 2022: Deal of the Year – Small Cap: Well-Link
By taking computing to the cloud, graphics-as-a-service player Well-Link Technologies is looking to broaden access to video games and help power the metaverse. VC investors are keen to get involved
AI: Asia awakens to ChatGPT
ChatGPT has sent shockwaves through the technology sector globally. Asia is no exception as investors look for ways to leverage the platform and China contemplates a standard of its own
LP interview: Quilvest Capital Partners
Fund-of-funds Quilvest Capital Partners was an early-mover in PE globally but has maintained a lean profile that speaks to its family office roots. It is pressing ahead with a China and India-focused Asia strategy
Monolith sets $250m hard cap for China fund
Monolith Management, an investment firm established by Xi Cao, formerly a partner at Sequoia Capital China, has set the hard cap at USD 250m for its debut China venture capital fund.
Shunwei, Xiaomi lead round for China automotive chip maker
Rhino, a China-based developer of chips used in autonomous driving, has raised an extended angel round of several hundreds of millions of renminbi.
China plans rollout of registration-based IPOs to all exchanges
China has proposed expanding the registration-based IPO system, which is intended to offer listing candidates lighter-touch regulation and a smoother path to the bourse, to all domestic stock markets.
China's Structure Therapeutics soars on US debut
Structure Therapeutics, a China and US-based drug developer specialising in novel oral therapeutics, performed strongly on its trading debut following an upsized USD 161.1m NASDAQ IPO.
AVCJ Awards 2022: Firm of the Year – Large Cap: Baring Private Equity Asia
Baring Private Equity Asia’s 2022 was punctuated by a high-profile merger with EQT, a bumper fundraise, and USD 10bn in exits. Jean Eric Salata, now head of BPEA EQT, shares his thoughts on the market
Sequoia backs China hydrogen battery player
Sequoia Capital China has led a CNY 240m (USD 36m) Series C round for Suzhou-based Thinkre New Material, a battery technology supplier focused on hydrogen fuel cells.
L Catterton Asia SPAC to merge with Geely-owned Lotus EV unit
A US-listed special purpose acquisition company (SPAC) launched by L Catterton Asia has agreed to merge with Lotus Technology, an electric vehicle (EV) unit under the Lotus luxury car brand owned by Chinese automaker Geely Holding.
China hydrogen energy player raises $44m Series C
Chinese hydrogen power company TangFeng Energy has raised a Series C round of CNY300m (USD 44m) led by GP Capital, Qianyan Investment, and a unit of Dongfeng Motor Corporation.
Deal focus: Newlink doubles down on new direction
Having established itself in China’s gas station services space, Newlink Group embraced the electric vehicle opportunity when it arrived. A spinout, reverse merger, and more capital were the result
China battery component supplier secures $296m pre-IPO round
Kuntian New Energy, a China-based developer of artificial graphite used in lithium-ion batteries, has raised a pre-IPO funding round of CNY2 bn (USD 296m) from a string of financial and strategic investors.
China adult online education platform raises $41m in US IPO
QuantaSing Group, a Chinese adult tuition platform that spun out from wealth management and investment education business Erwan Technology, has traded relatively flat following a USD 41m IPO on NASDAQ.
China LiDAR specialist Hesai aims for US IPO
Hesai Technology, a China-based developer of sensors used in autonomous driving, is targeting a US listing. Its investors include Lightspeed China Partners, Baidu, Bosch, and Xiaomi.
Hillhouse-backed China pet services business seeks US listing
New Ruipeng Pet Group, a China-based pet care services platform that counts Hillhouse Capital as a significant shareholder, has filed for an IPO in the US.
China cell therapy developer raises $75m
Iaso Biotherapeutics, a Chinese cell therapy developer focusing on oncology treatments, has raised nearly CNY 500m (USD 75m) in an extended Series C round.
China's Riverhead Capital closes $295m renminbi fund
China-based Riverhead Capital, the private equity arm of Sunshine Insurance Group, has closed a renminbi-denominated fund with CNY 2bn (USD 295m) in commitments.
China's Yunqi seeks $300m for fourth VC fund
Yunqi Partners, which makes early-stage investments in China’s enterprise software and services space, is targeting USD 300m for its fourth US dollar-denominated fund.
TR exits last China asset acquired through Cassia restructuring
TR Capital has sold China-focused luxury streetwear brand Evisu United – one of two assets it acquired through fund restructuring for Cassia Investments – through a sale to an unnamed financial sponsor. The size of the deal was not disclosed.
Asia GPs see reversion to norm on deal flow, valuations
Asia-focused buyout managers pointed to a return to a version of normality – with an anticipated upturn in investment and exits – in 2023 at the Hong Kong Venture Capital & Private Equity Association’s (HKVCA) Asia forum.