Greater China
Deal focus: Gobi sees 100x return on Airwallex
Gobi Partners became Airwallex's first institutional investor in 2016 due to a lack of support in the Australian company's home market. The GP made a partial exit in a recent Series D round at a valuation of $2.6 billion
Fund focus: Long Hill burns the midnight oil
Embarking on its first Zoom-based fundraise, China's Long Hill Capital succeeding in closing just above target on $300 million while significantly diversifying the LP base
1Q analysis: American dreams
New York makes an unexpected reappearance as the preferred IPO destination for Asian companies; the growth-stage tech investment revival continues; KKR lights up lackluster fundraising environment
Q&A: Hike Capital's Anna Xu
China-focused Hike Capital positions itself as an entrepreneur-led VC firm, having been established by two start-up founders. One of them, Anna Xu, explains why this makes a difference
Fund focus: Qingsong plays the long game
Qingsong Fund differs from most renminbi fund managers by virtue of its uncommon diversification and farsighted strategy. Data and deep tech will be key focus areas for the firm’s new $153 million fund
5Y raises $2b across dollar, renminbi funds
China's 5Y Capital has raised nearly $2 billion for its latest US dollar and renminbi-denominated funds, securing $1.7 billion for the US dollar pool and around RMB1.9 billion ($290 million) for the local currency vehicle.
PE-backed property platform Anjuke to go public in Hong Kong
Anjuke, a Chinese online property marketplace controlled by classifieds player 58.com, has filed for a Hong Kong listing. It follows a $250 million pre-IPO funding round featuring two Hong Kong property developers.
PE-backed Brii Bioscience pursues Hong Kong listing
Brii Biosciences, a three-year-old Chinese biotech start-up that has raised approximately $415 million in private funding from the likes of Sequoia Capital China, Boyu Capital, and Yunfeng Capital, has filed for a Hong Kong IPO.
China mRNA vaccine provider Abogen raises $92m
Suzhou Abogen Biosciences, a Chinese mRNA vaccine provider, has raised RMB600 million ($92 million) led by PICC Capital - an investment unit under People’s Insurance Company of China - and state-backed SDIC Venture Capital.
Baring Asia invests $100m in Hutchison China MediTech
Baring Private Equity Asia has invested $100 million in Hutchison China MediTech (HutchMed), a US and London-listed drug discovery business that has two fully commercialized oncology products in China.
Hosen raises $800m for latest China food fund
China-based food and agriculture specialist Hosen Capital has closed its third US dollar-denominated fund above target at $800 million.
China's Danke to be delisted in US
The New York Exchange is set to delist Chinese apartment rental service provider Danke, having halted trading in the stock on March 15 because of poor information disclosure.
Long Hill raises $300m for third China VC fund
Long Hill Capital closed its third US dollar-denominated fund at $300 million with a remit to pursue healthcare and longevity-related opportunities, which includes start-ups focused on wellness and services aimed at aging consumers.
China grocery platform Dingdong Maicai raises $700m
DST Global and Coatue Management have led a $700 million Series D for China-based online fresh produce delivery business Dingdong Maicai. Existing investors including CMC Group re-upped.
Qiming leads $30m Series B for China crypto start-up
Qiming Venture Partners has led a $30 million Series B round for China-based imToken, which claims to be Asia’s largest crypto wallet.
China's Source Code confirms $1b close on US dollar funds
Source Code Capital has confirmed a final close of $1 billion on its latest set of US dollar-denominated funds, which takes the Chinese venture capital firm’s total assets under management to $2.5 billion.
FountainVest, ClearVue back China self-driving truck player
FountainVest Partners and ClearVue Partners have led a $220 million funding round for Plus, a China-based autonomous driving technology developer that specializes in trucks.
B Capital expands into China, raises follow-on fund
US and Singapore-headquartered VC investor B Capital Group has established a China presence and closed a late-stage follow-on fund of $415 million for existing portfolio companies.
Trustar to launch China growth strategy
Trustar Capital, a Chinese middle-market private equity firm until recently known as CITIC Capital, is complementing its flagship buyout strategy with a growth capital-oriented fund.
Qingsong raises $153m for fourth China VC fund
Qingsong Fund, a Chinese venture capital firm formed by Xiaosong Liu, an angel investor and co-founder of Tencent Holdings, has closed its fourth renminbi-denominated fund with RMB1 billion ($153 million).
Alibaba, DST lead Series D for China's Nice Tuan
Alibaba Group and DST Global have led a $750 million Series D round for Shihuituan, a China-based community group buying platform also known as Nice Tuan.
China consumer brands Genki Forest, Tasogare secure funding
Two emerging Chinese beverage brands - Genki Forest and Tasogare, which focus on sparkling water and coffee, respectively - have completed new funding rounds.
Applied terminates acquisition of Japan's Kokusai Electric
KKR’s $3.5 billion sale of Japanese semiconductor industry supplier Kokusai Electric to US-listed Applied Materials has fallen through due to regulatory approval issues in China.
MSPEA, Sihuan Pharma sell China hospital
Morgan Stanley Private Equity Asia (MSPEA) and Sihuan Pharmaceuticals have agreed to sell their 80% stake in China’s Huaiyin Hospital for RMB882.8 million ($134.3 million).