Greater China
2023 preview: Hard-tech
As China’s technology space has shifted toward more advanced domains of R&D, bubbles have formed and geopolitics have complicated investment. There is scope for some turnaround on these points
2023 preview: Fundraising
Fundraising is difficult for all but the fortunate few private equity managers in Asia. GPs are delaying launches, shaking up strategies, and offering sweeteners; LPs are in no hurry to make commitments
Q&A: CICC Capital's Mengyang Yang
Mengyang Yang, an executive director and head of private equity in Hong Kong at CICC Capital, on China’s post-pandemic revival, plans for a flagship US dollar fund, and managing guidance funds
2023 preview: Exits
IPOs and trade sales have been muted in 2022, but industry participants expect strategic investors to be more active in Asia next year, especially as valuations moderate. Increased secondary deal flow is also likely
2023 preview: China macro
Private equity is eager to re-engage with China as a sudden post-pandemic re-opening reminds investors focused on the country to expect the unexpected. A weak global picture could spoil the party
China automotive chip company raises $43m
Indiemicro, a Chinese chip designer targeting the automotive industry has raised a CNY300m (USD 43m) round featuring semiconductor-focused Sunic Capital.
China semiconductor player Eswin Material raises $576m
Eswin Material, the integrated circuit manufacturing unit of Eswin Technology Group, has raised CNY 4bn（USD 576m）in Series C funding led by the New Materials Fund of China National Building Material.
Raffles Family Office appoints digital assets CIO
Raffles Family Office, a Hong Kong-based multi-family office, has named Zann Kwan as CIO and managing partner of its digital assets unit.
China medical devices manufacturer LavaMed raises $40m
SuZhou LavaMed, a China-based medical devices manufacturer, has raised USD 40m in angel and Series A funding from Zhejiang Silk Road Fund, Junshang Capital, and Lilly Asia Ventures (LAV).
Hong Kong's E15 VC raises $61m for third fund
Hong Kong’s E15 VC has hit a first close of USD 60.75m on its third global deep tech fund with an anchor investment from existing cornerstone LP Sun Hung Kai & Co (SHK).
Affirma hits first close on renminbi fund
Emerging markets-focused private equity firm Affirma Capital has reached a first close of approximately CNY 1.5bn (USD 215m) on its debut renminbi-denominated fund.
Deal focus: Ruiyun heats up China's cold chain industry
Ruiyun Cold Chain will use its pre-Series A funding to continue industry consolidation efforts, build out full-truckload and less-than-truckload services, and develop a tech platform that does more than matchmake
Asia secondaries: Layers and structures
With private market valuations yet to see a meaningful reset in Asia and heightened risk factors in China, investors are exploring ways to drive secondary deal flow by closing the bid-ask spread
China CRO Safe Pharma gets $71m Series D
Safe Pharmaceutical Research Institute, a Beijing-based clinic research organization (CRO) focused on novel drugs, has raised a CNY500m (USD 71m) Series D round led by SDIC Venture Capital and China State-owned Venture Capital Fund.
China's InnoVision seeks $250m for third fund
InnoVision Capital, a Chinese private equity firm founded by Lane Zhao, who was one of the original members of KKR’s China team, is targeting USD 250m for its third fund and first US dollar-denominated vehicle.
Secondary investor backs Hidden Hill's $465m fundraise
Hidden Hill Capital, which is backed by warehouse operator turned logistics and infrastructure investment manager GLP, has closed its debut growth-stage US dollar-denominated fund on USD 465m with secondaries specialist NewQuest Capital Partners among...
Chinese investors sell international assets of condom maker LifeStyles
A Chinese investor group featuring several private equity firms has sold the non-China assets of LifeStyles Healthcare, a global sexual health and wellness platform best known for the Lifestyles condom brand, to US-based Linden Capital Partners.
Carlyle set to buy stake in Taiwan sushi chain
The Carlyle Group has applied for regulatory approval to acquire a 26% stake in Taiwan-based sushi chain Zhengxian, also known as Sushi Express.
Hong Kong fintech player XanPool raises $41m
XanPool, a Hong Kong-based cross-border payments infrastructure provider, has raised USD 41m from new investor Target Global and existing backer Antler Elevate.
China semiconductor equipment player raises $139m
Dongfang Jingyuan Electron (DJEL), a China-based semiconductor equipment and software provider, has raised CNY 1bn (USD 139m) from an investor group that includes Green Pine Capital Partners and CoStone Capital.
FTX: Crypto dismisses another deathblow
An emerging technology giant has imploded. Regulations are set to tighten. Investors hit pause but remain confident about the long-term outlook. Business as usual in crypto
Deal focus: LionRock finishes polishing Clarks
LionRock Capital is exiting Clarks to its majority partner, Li Ning-owned and Hong Kong-listed Viva China, having helped the struggling British shoe brand survive the pandemic
Fund focus: Panacea defies biotech downturn
Having raised its second fund amid weakening investor sentiment for biotech, Panacea Venture expects deployment to be guided by a widening valuation gap between the US and China
Portfolio: Trustar Capital and Trustlink
Through Trustlink, Trustar Capital has successfully executed a buy-and-build strategy in China’s facility management space, using scale and standardisation to win contracts from multinationals