Greater China
China gas station location platform Newlink raises $100m
Newlink Group, operator of a platform that helps drivers in China locate the best value gas stations, has raised $100 million in funding led by CMB International. Other investors include Hongtai Capital, Joy Capital and Nio Capital.
Allen & Overy strengthens Asia fund formation capabilities
Allen & Overy has recruited James Ford from O’Melveny & Myers as a partner in its Asia Pacific funds and asset management group. He continues to be based in Hong Kong.
China's Didi raises $300m for autonomous driving unit
Chinese ride-hailing giant Didi Chuxing has raised $300 million for its autonomous driving unit, with IDG Capital taking the lead.
Tencent backs China enterprise training start-up
Yunxuetang, a Chinese online corporate training services provider, has raised more than $100 million in the first tranche of Series E round led by Tencent Holdings.
GGV closes latest US dollar funds at $2.5b
GGV Capital has closed its latest set of US dollar-denominated funds with $2.52 billion in aggregate commitments. It represents the largest fundraising since the firm’s inception in 2000.
China chip designer Memsic raises $155m
Memsic, a Chinese semiconductor design company that was privatized with support from IDG Capital in 2013, has raised more than RMB1 billion ($155 million) led by an industry fund under Hangzhou Fortuna Investment Management.
Deal focus: Olympus credit team spins out, gets OMERS backing
Olympus Capital Credit has rebranded as Orion Capital Asia, with OMERS replacing Olympus as the firm’s equity partner. The strategy is unchanged, with COVID-19 helping to drive deal flow
Aspex leads $200m Series E for Hong Kong's Klook
Aspex Management has led a $200 million Series E round for Klook as the Hong Kong travel app pivots to domestic holiday services during a freeze in international tourism.
China online education: Class war
K-12 online education in China is a battle for market share that only the largest players can afford to play. Investors can either get comfortable with high-cash-burn or look for niche exposure
CVC recruits EQT's Asia mid-market head
Martin Mok has joined CVC Capital Partners as a Hong Kong-based senior managing director after spending nearly 20 years with EQT.
Fund focus: LPs flock to Lake Bleu's late show
Lake Bleu Capital leveraged a lift in Chinese healthcare sentiment to raise $560 million for a fund that will target late-stage healthcare investments
Qiming raises $441m for its sixth renminbi fund
Qiming Venture Partners has closed its sixth renminbi-denominate vehicle at RMB2.85 billion ($441 million), taking the firm's total assets under management to $5.9 billion.
Chinese medical robot maker raises $93m
Edge Medical, a China-based manufacturer of surgical robots, has raised a RMB600m ($93m) series B round led by Lyfe Capital and Hong Kong-listed Kangji Medical.
Hong Kong's E15 VC closes second fund at $32m
Hong Kong technology investor E15 VC, also known as E15 Ventures, has closed its second fund at $32 million with a $15 million contribution from Sun Hung Kai & Co (SHK).
CITIC acquires China perfume brand
CITIC Capital has made an investment of undisclosed size in Shanghai Xiangmiao Trade, owner of Reclassified, a leading Chinese perfume and home fragrance brand.
AVCJ Awards 2020: Deal of the Year - Mid Cap: Perfect Diary
Perfect Diary’s $100 million Series D round came after the Chinese company proved itself with multiple hit color cosmetics brands and eight months ahead of a bumper US listing
China math tuition platform adds $150m to Series E
Huohua Siwei, a China-based children's online education platform specializing in mathematics and science, has raised $150 million in the third tranche of the Series E round, taking the overall total to $400 million.
Hopu founder backs China healthcare-focused SPAC
Fenglei Fang, founder and chairman of Chinese private equity firm Hopu Investments, is looking to raise $300 million for a special purpose acquisition company (SPAC) that will target healthcare companies with a China focus or expansion prospects in the...
China AI specialist 4Paradigm receives $700m Series D
Boyu Capital, Primavera Capital Group, and Hopu Investments have led a $700 million Series D round for 4Paradigm, a Chinese artificial intelligence (AI) technology developer that serves enterprise customers.
China e-sports business VSPN lifts Series B to $160m
VSPN, a Chinese e-sports broadcaster and events promoter backed by Temasek Holdings, has extended its Series B round to $160 million with a mix of VC and strategic investors.
Vista founder calls for investment in Asia tech infrastructure
Vista Equity Partners is keen to invest in Asia’s financial technology space, but founder Robert F. Smith stressed that governments must put in place the appropriate regulatory infrastructure.
AVCJ Awards 2020: Exit of the Year - Small Cap: China Feihe
The secret to Morgan Stanley Private Equity Asia’s 148x return on dairy producer China Feihe was having faith both in the baby care industry and in a quality domestic brand
Fund focus: Firstred's advisory angle
Firstred Capital has already completed six deals from its debut fund, making commitments that are flexible in structure to Chinese companies that need its M&A expertise
4Q analysis: Growth spurt
Technology-enabled businesses in China and India are the beneficiaries of a resurgence in growth capital deal flow; Japan is the sole stand-out in fundraising; IPOs continue to shine as overall exits struggle