Greater China
Deal focus: NiKang pursues hard-to-drug targets
With big pharma scaling back early-stage discovery, CBC Group is keen to incubate biotech start-ups developing drugs from scratch. NiKang Therapeutics is the first to secure wider investor attention
Sequoia, Yunfeng lead $228m round for Chinese rice brand
Shiyuedaotian, a Chinese rice brand, has raised RMB1.45 billion ($228 million) in Series B funding led by Sequoia Capital China and Yunfeng Capital. CMC Group and Taihe Capital also took part, as did existing investor GenBridge Capital.
China trucking platform Manbang files for US IPO
Manbang, a China trucking business that claims to be the world’s largest digital freight platform, has filed for a US IPO. The company achieved a valuation of $12 billion in its most recent funding round six months ago.
China's Yingke closes renminbi, US dollar funds
Shanghai-based Yingke Private Equity has raised RMB10 billion ($1.57 billion) for its latest renminbi-denominated fund as well as an undisclosed sum for a third US dollar vehicle.
CDIB, Firstred, Huatai buy China cosmetics packaging business
CDIB Capital has teamed up with Firstred Capital and Huatai International Private Equity Fund to acquire 100% of Chinese cosmetics packaging company Yuga Holdings for an undisclosed sum.
PE-backed JD Logistics raises $3.2b in Hong Kong IPO
JD Logistics, a supply chain solutions and logistics provider that spun out from Chinese online retailer JD.com, gained 3.3% on its Hong Kong trading debut following a HK$24.6 billion ($3.2 billion) IPO.
Glory raises $120m for second China venture fund
China's Glory Ventures has closed its second US dollar-denominated fund at $120 million, with VC-focused fund-of-funds Unicorn Capital Partners serving as the anchor LP.
Netease to spin out PE-backed music streaming business
Cloud Village, a music streaming business controlled by Chinese internet and gaming giant NetEase and backed by the likes of General Atlantic, Boyu Capital, and Yunfeng Capital, has filed for a Hong Kong IPO.
Shanghai broadens investment scope of QFLP
Shanghai is giving foreign investors better access to unlisted assets and private funds - under an expanded Qualified Foreign Limited Partner (QFLP) regime - as part of efforts to establish itself as a global asset management hub.
China shipping tech platform Yunquna raises $100m
Yunquna, a China-based online logistics platform for the shipping industry, has raised $100 million in the first tranche of a Series D round. Its valuation now surpasses $1 billion.
TR, Shenzhen Capital back renminbi continuation fund
TR Capital and Shenzhen Capital Group have backed the spin-out of six healthcare assets held by China focused GP Huagai Capital into a RMB800 million ($125 million) renminbi-denominated continuation fund.
China university start-ups: Campus creativity
From DJI to Ele.me, numerous successful start-ups have emerged from universities in Greater China. VC investors recognize the talent, but they are sometimes wary of the structures
Deal focus: New angle on logistics flourishes in China
China’s DST Car Rental has achieved a level of vertical integration unique among start-ups in electrified logistics. With the model proving itself at home, an overseas expansion awaits
Deal focus: NFT start-up declares war on the internet
Hong Kong’s Animoca Brands is at the forefront of securing digital property rights via cryptographic tokens. The concept is germinating in the games sector, but it is expected to change everything
China trucking player secures $200m Series E
For-U Smart Freight, a Chinese road freight logistics company, has raised a $200 million Series E round led by China Structural Reform Fund, China life Investment, and Greater Bay Area Homeland Investments.
China online education player Zhangmen targets US listing
Zhangmen, a private equity-backed Chinese online K-12 education platform specializing in one-to-one and small-class tuition, has filed for a US IPO.
Ocean Link, Sequoia seal China hotel operator take-private
Ocean Link and Sequoia Capital China have completed the $190 million privatization and subsequent delisting of Zhejiang New Century Hotel Management.
China chip IP specialist Akrostar raises $78m
Akrostar, a Chinese chip designer established less than a year ago by a team that spun out from US-headquartered industry leader Synopsys, has raised RMB500 million ($78 million) in Series A funding.
China-backed Oatly raises $1.4b in US IPO
Oatly, a Swedish oat-based, dairy-free beverage brand backed by a joint venture between China Resources Group and Verlinvest, raised $1.43 billion in its US IPO, facilitating partial exits for several investors.
Lilly Asia leads $90m round for China's Duality Biologics
Lilly Asia Ventures has led a $90 million Series B round for Duality Biologics, a Chinese developer of oncology and autoimmune drugs.
China's Meridian raises $330m for renminbi fund
Chinese VC firm Meridian Capital has closed its sixth renminbi-denominated fund at RMB2.12 billion ($330 million) after four months in the market.
Legend closes China healthcare continuation fund
Legend Capital has spun out the healthcare assets from two of its China venture capital funds into a continuation vehicle supported by Hamilton Lane and Coller Capital. The $270 million deal includes capital for follow-on investments.
Ikea entity leads Series C for China EV rental player
Dishangtie Car Rental, a Shenzhen-based electric vehicle (EV) rental service, has raised a $100 million Series C led by Ingka Holdings, a holding company for most of Ikea's stores.
China's Panacea, Dell family office raise $200m SPAC
Panacea Venture, a China-focused early-stage healthcare investor, has teamed up with Michael Dell’s family office to raise $200 million for a special purpose acquisition company (SPAC).