Greater China
China red envelope marketing start-up raises $28m
Saoyasao, a Chinese digital commerce service provider best known for using "red envelopes" to attract customers to offline stores, has raised a CNY 200m (USD 28m) Series A round from two local investors.
Deal focus: Gitee aspires to be more than China’s Github
FutureX Capital got onto Gitee’s shareholder register by suggesting a separation from Baidu. Now, FutureX is backing the company to leverage its status as China’s dominant open-source software player
Deal focus: Nothing’s swift evolution into something
A global brand developed by a European-Chinese founder, Nothing has made its presence felt on the idiosyncratic edges of the smart phone market. Investors have responded positively
LP interview: Dietrich Foundation
The Dietrich Foundation, which has one of the highest China PE and VC allocations of any US LP, is cautious on the market but not disengaged. Meanwhile, India and Southeast Asia are becoming more interesting
Geely's China eVTOL unit gets Series A funding
Aerofugia, a subsidiary of Chinese automaker Geely that focuses on electric vertical take-off and landing (eVTOL) vehicles, has raised a Series A round of CNY 100m (USD 13.8m) led by Tsinghua Holdings Capital.
Black Sesame leads surge in Hong Kong IPO filings
Black Sesame International Holding, a Chinese chipmaker specialising in autonomous driving applications, is among the highest-profile companies in the latest batch targeting IPOs on the Hong Kong Stock Exchange.
Cathay Capital raises $262m for fourth small-cap fund
Cathay Capital Private Equity has closed its fourth small-cap fund - which will make investments across Asia, North America, and Europe - on EUR 240m (USD 262m). It takes the firm's total assets under management (AUM) past EUR 5bn.
Carlyle-backed Adicon trades up after $52m Hong Kong IPO
Adicon Holdings, a China-based independent clinical laboratory (ICL) services provider backed by The Carlyle Group, gained 12% on debut following a HKD 408.9m (USD 52.2m) Hong Kong IPO.
EmergeVest faces legal action from LP
EmergeVest is facing legal action from one of its LPs – also a key early partner in the formation of the firm’s global logistics platform, EV Cargo – who wants to receive his share of the principal and profits.
Hong Kong's OneDegree upsizes Series B to $55m
Hong Kong insurance start-up OneDegree has raised USD 27m from a group including Gobi Partners. It is billed as an extension to a Series B round from 2021, bringing the overall total to USD 55m.
Meituan to buy Chinese AGI player Light Year
Listed Chinese consumer technology platform Meituan has agreed to acquire 100% of Light Year, a VC-backed local artificial general intelligence (AGI) business, for USD 284.3m.
China's GitHub substitute raises $107m
Gitee, a China-based open-source platform regarded as a domestic substitute for GitHub, has raised an extended Series B of CNY 775m (USD 107m) led by FutureX Capital.
China EV battery solutions provider raises $229m
Sunwoda Electric Vehicle Battery (EVB), a subsidiary of lithium-ion battery maker Sunwoda Electronic, has raised a CNY 1.65bn (USD 229m) Series B round from domestic investors.
Singapore T-cell therapist gets China government funding
Singaporean T-cell immunotherapy company Lion TCR has raised USD 40m in its second tranche of Series B funding. Guangzhou Industrial Investment and Capital Operation Holding Group led the round.
Q&A: Soul Capital’s Herry Han
Lightspeed China spinout Soul Capital is pursuing an early-stage dual-currency strategy in China. Herry Han, the firm’s founding partner and CEO, explains how and why he’s staying relevant
China ride hailing platform Ruqi Mobility secures $117m
Ruqi Mobility, a ride-hailing platform incubated by Chinese state-backed automaker GAC Group, has raised CNY 842m (USD 117m) in a Series B funding round led by Guangzhou Automobile Industry Group.
VC-backed Chinese O2O retail platform pursues HK listing
Dmall, a Chinese O2O retail platform provider for traditional retailers backed by IDG Capital among others, has filed for a Hong Kong IPO.
China e-commerce SaaS player files for Hong Kong IPO
Jushuitan, which claims to be China’s largest e-commerce software-as-a-service (SaaS) enterprise resource planning (ERP) provider, has filed for a Hong Kong IPO.
China UAV developer United Aircraft raises $167m
United Aircraft, a Chinese start-up specialising in unmanned aerial vehicles (UAVs), has raised CNY 1.2bn (USD 167m) in Series D funding from several local investors.
China Micro LED developer Jade Bird gets new funding
Jade Bird Display (JBD), a Shanghai-based developer of micro LEDs used in artificial reality (AR) devices, has raised several hundred million renminbi through two tranches of Series A funding.
Deal focus: PCG brings light to industrial use cases
Incubated by property developers and backed by a string of specialist investors, distributed power start-up PCG Power is looking to instal solar panels on the rooftops of China’s factories
China fundraising: Zombie apocalypse?
A pullback by US investors is exacerbating difficult fundraising conditions in China. Most managers are either delaying their return to the market or pulling every lever to secure commitments
Marcy, Bessemer back New Zealand-founded Chinese tuition platform
Marcy Venture Partners, an investment firm co-founded by US rap artist Jay-Z, and Bessemer Venture Partners have led a Series B round for Wukong Education, a New Zealand-founded teaching platform specialising in Chinese language training.
China semiconductor player Eswin raises $420m
Beijing Eswin Technology Group, a semiconductor products and services supplier, has raised a CNY 3bn (USD 420m) Series D round led by Beijing Financial Street Operation Center.