Greater China
China biotech: End of the boom
PE investment in China biotech has collapsed amid failed IPO processes and disputed valuations. Pockets of activity remain, though questions around commercialisation have yet to be answered
Portfolio: Welkin Capital and Shawya
Shawya is a fast-rising Chinese direct-to-consumer brand that takes a technology-driven approach to skincare. Welkin Capital is helping it address growing pains around talent and omnichannel capabilities
KKR's Greater China head transitions to advisor role
Paul Yang, KKR’s Greater China head, is moving to an advisory role as the private equity firm looks to appoint a replacement based full-time in mainland China.
PE-backed Gogox sinks on debut after $98m Hong Kong IPO
Gogox, a last-mile logistics company formed through the merger of Hong Kong's GoGoVan and an affiliate of mainland China-based 58.com, fell 22% on its Hong Kong trading debut following a HKD 771.4 (USD 98.3m) IPO.
Fund focus: Re-ups underpin FountainVest's Fund IV close
Despite headwinds that have afflicted all China-focused managers, FountainVest Partners closed its fourth fund just above target on USD 2.9bn. One-third of the corpus has already been deployed
China RNA vaccine developer raises $42m
Therorna, a China-based biotech company specializing in vaccines and drugs based on circular RNA technology, has raised USD 42m in Series A funding.
PAG's Hong Kong IPO on hold amid weak market
Asia-focused private equity firm PAG has put its Hong Kong IPO on hold, three sources familiar with the situation told Mergermarket, AVCJ’s sister title.
AstraZeneca-CICC fund backs China gene sequencer
Axbio, a China-based provider of gene sequencing and diagnostic systems, has raised nearly USD 100m in Series B funding led by AstraZeneca-CICC Healthcare Industrial Fund and Yunfeng Capital.
China bio-manufacturing start-up Mojia raises $80m
Temasek Holdings has led a USD 80m Series B round for Shanghai-based bio-manufacturing start-up Mojia Biotech.
5Y leads $74m round for China AI drug developer
Beijing-based HeliXon, an artificial intelligence-enabled developer of protein-based drugs, has raised CNY 500m (USD 75m) in Series A funding led by 5Y Capital. Other investors include Gaorong Capital and Neumann Capital.
Platinum Equity buys Hong Kong lingerie business Hop Lun
US-based private equity firm Platinum Equity has agreed to acquire Hop Lun, a Hong Kong-headquartered producer of fashion lingerie and swimwear that serves a global client base.
China fashion software platform Linctex raises $100m
Linctex Digital, a Shanghai-based design services platform for the fashion industry, has raised an extended pre-Series B round of nearly USD 100m from GL Ventures and CDH Investments.
China's ZWC hits first close on debut renminbi fund
Chinese venture capital firm ZWC Partners has reached the first close of CNY 1bn (USD 149m) on its debut renminbi-denominated fund. The overall target is CNY 1.5bn.
Placement agents: Asian entries
Asia’s sparse placement agent scene is fleshing itself out despite macro headwinds, but the model is being revised to adapt to a changing market. This appears irreversible
Deal focus: TH Capital identifies key niche in energy storage
Zhongchu Guoneng Technology is leading China’s push into compressed air energy storage as a means of harnessing fast-rising yet unstable wind and solar capacity. Tsinghua Holdings Capital is among the backers
LP interview: Hywin Holdings
US-listed Hywin Holdings is plugging China’s rich into private asset classes one handshake at a time despite increasing digitisation in this wealth migration theme. PE is a fast-growing slice of the pie
Capital Today leads $40m Series B for China's XYZ Robotics
XYZ Robotics, a Chinese start-up specialising in robotic hand-eye coordination, has raised an extended Series B round of USD 40m led by Capital Today China Group.
Hillhouse reaches first close on China carbon neutrality fund
Hillhouse Capital has reached the first close on its debut renminbi-denominated carbon neutrality fund, which has an overall target of around CNY 4bn (USD 597m).
Legend axes consumer from latest China TMT fund
Legend Capital has excluded the consumer-facing segment from its latest China technology, media, and telecom (TMT) fund, reflecting a broader sense of uncertainty among local managers regarding the regulatory environment.
Clifford Chance poaches Asia funds partner from Kirkland
Clifford Chance has bolstered its Asia private funds offering with the recruitment of Liyong Xing, formerly a partner at Kirkland & Ellis.
China life sciences research business gets $300m Series C
MegaRobo Technologies, a China-based provider of artificial intelligence (AI) and robotics-enabled research services to the life sciences industry, has raised USD 300m in Series C funding.
Capital Today leads $100m round for China's Hai Robotics
Hai Robotics, a China-based warehouse robot company, has raised an extended Series D round of USD100m led by Capital Today China Group.
Crypto: Something for everyone?
Traditional VCs are becoming more active in Asia’s blockchain and web3 space, despite structural and philosophical obstacles to participation. Can they withstand the crypto winter?
Monad targets up to $150m for second China software fund
Monad Ventures, a China-based VC firm specialising in early-stage enterprise software investments, is looking to raise up to USD 150m for its second US dollar-denominated fund.