Greater China
GenBridge, DragonBall back China snacks brand Xueji Chaohuo
GenBridge Capital and DragonBall Capital have led a CNY 600m (USD 86m) Series A round for Xueji Chaohuo, a China-based roasted seeds and nuts brand.
EQT exits China packaging business to OTPP
EQT has confirmed the sale of its co-control stake in China-headquartered packaging manufacturing company GPA Global to Ontario Teachers’ Pension Plan Board (OTPP) for an undisclosed sum.
China satellite player Galaxy Space achieves unicorn status
Galaxy Space, a China-based satellite developer, has raised a new funding round led by CCB International at a post-investment valuation of CNY 11bn (USD 1.6bn).
China's HighLight hits first close on life sciences fund, targets $650m
HighLight Capital, a China-based life sciences investor, has completed a first close of USD 540m on its fourth US dollar-denominated fund. The overall target is USD 650m.
China looks to boost PE participation by domestic insurers
Chinese Premier Li Keqiang has asked regulators to encourage investment by insurance companies in private equity and venture capital through measures such as shorter post-IPO lock-up periods.
L'Oréal China investment unit backs local fragrance brand
L'Oréal has completed the debut deal from its newly formed China investment arm by participating in an extended Series A round for local fragrance brand Documents.
Deal focus: L’Oréal shows staying power
Europe-based personal care giant L’Oréal looked past short-term impediments like lockdowns and asset price corrections to join Cathay Capital in supporting Chinese perfume brand Documents
TPG-backed Dingdang Health raises $51m in Hong Kong IPO
Chinese online pharmacy platform Dingdang Health has raised HKD 402.4m (USD 51m) through a Hong Kong IPO, defying challenging conditions for financial sponsors targeting the bourse.
China AI player Fourth Paradigm files for Hong Kong IPO
Fourth Paradigm, a China-based software provider that helps enterprise customers develop in-house artificial intelligence (AI) decision-making applications, has filed for a Hong Kong IPO.
Shenzhen investors offered cash handouts for Hong Kong IPOs
Shenzhen-based venture capital investors will receive one-off cash rewards for taking companies public in Hong Kong and sponsoring special purpose acquisition companies (SPACs) that list on the territory’s stock exchange.
Temasek, Boyu, GGV back Hong Kong’s Animoca Brands
Hong Kong metaverse start-up Animoca Brands has raised USD 110m featuring Temasek Holdings, Boyu Capital, and GGV Capital. Funding since the start of 2021 now tops USD 630m.
China fitness app Keep pursues Hong Kong listing
Keep, a China-focused fitness app operator backed by the likes of GGV Capital, SoftBank Vision Fund 2, and 5Y Capital, has filed for a Hong Kong IPO.
ICI signals growing climate agenda in Asia PE
Initative Climat International (ICI), a private equity community dedicated to stemming global warming, has launched an Asia Pacific chapter, signalling a growing regional commitment to climate issues.
Deal financing: Homegrown solutions
Private equity firms are relying more heavily on Asia-based debt investors to support leveraged buyouts amid a loan logjam in the US, highlighting the region’s innovation and durability
China circuit board maker JLC raises $129m
Chinese circuit board manufacturing company Jialichuang (JLC) has raised CNY 900m (USD 129m) from State Development & Investment Corporation (SDIC), Eastern Bell Capital and Jianfa Xinxing Investment.
Deal focus: Turning data into operational efficiencies
Chinese data mining start-up Prothentic has managed to turn first-time business into repeat subscription business, which led to valuation increase between funding rounds even as the wider market stagnates
China drug developer BoomRay gets $43m
Chinese drug developer BoomRay Pharmaceuticals has raised a CNY300m (USD 43m) Series A round led by Sequoia Capital China.
China's Welkin Capital targets London IPO
China-focused Welkin Capital is looking to raise up to USD 300m through an IPO for a London-listed investment entity seeded with assets from its debut private equity fund, which closed in 2017.
China cell therapy developer Neukio raises $50m
Shanghai-based cell therapy developer Neukio Biotherapeutics has raised USD 50m in the first tranche of a Series A round led by medical technology-focused CD Capital. Other new investors include Alwin Capital and Surplus Capital.
China EV player Leapmotor targets Hong Kong IPO
LeapMotor has filed for an IPO in Hong Kong, putting it on course to become the fourth of China's "new force" electric vehicle (EV) manufacturers to go public.
China chip designer Yige raises $42m angel round
Suzhou Yige Technology, a China-based semiconductor chip designer also known as EagleChip, has raised a CNY 286m (USD 41.5m) angel round led by Matrix Partners China, Redpoint China, Sequoia Capital China, CTC Capital, and Vlight Capital.
GP profile: CMC Capital Partners
China-focused CMC Capital Partners’ remit has expanded from media to consumer and technology, but the firm believes its knowledge and discipline as a specialist investor have never been more relevant
Fund focus: Cherubic continues to scale
Early-stage investor Cherubic Ventures initially struggled to get traction with its idiosyncratic Greater China-US strategy, but the firm sees its USD 110m haul for Fund V as validation of the thesis
Qiming leads Series C for China 3D dental printing start-up
Prismlab, a China-based 3D printing company specialising in dental applications, has raised CNY 200m (USD 29m) in Series C funding led by Qiming Venture Partners.