China
GGV leads $108m round for Chinese e-commerce platform
Chinese community e-commerce platform Xiaoqule has raised $108 million in a Series A round of funding led by GGV Capital and Vertex Ventures.
Chinese financial education business receives $115m Series C
Golden Education, which claims to be China’s largest professional financial education provider, has received RMB800 million ($115 million) in Series C funding led by Hillhouse Capital and Morgan Stanley.
HarbourVest backs secondary restructuring of Capital Today investment
HarbourVest Partners has led a secondary transaction worth approximately $420 million that enabled Capital Today China Group to take out an investment from its first fund – Yifeng Pharmacy – and roll it into a new vehicle as a means of extending the...
Chinese GP buys Germany's Cordenka for $274m
BMC Europe Fund I, a PE vehicle launched earlier this year with support from Shanghai International Group (SIG), has completed its first investment with the acquisition of German industrial textiles manufacturer Cordenka for EUR240 million ($274 million).
China's ICBC sets up $200m India venture fund
Industrial & Commercial Bank of China (ICBC) has launched a $200 million fund to invest in Indian start-ups and micro, small, and medium-sized enterprises (MSMEs).
China's Alphamab gets $100m Series A
China’s Alphamab Oncology has completed a $100 million Series A funding round from a group of investors including PAG Growth Capital, Advantech Capital, and OrbiMed.
Investors seek new openings as China tech matures – AVCJ Forum
Investors in China’s technology space must learn to play contrarian angles as consumer-facing segments become increasingly difficult to penetrate.
GPs need industry networks to source China buyouts - AVCJ Forum
Private equity firms should establish deep connections within target industries if they are to take advantage of China's emerging buyout opportunity, industry participants told the AVCJ Forum.
China’s Ucommune gets $200m in Series D round
Chinese co-working space operator Ucommune, formerly named UrWork, has raised $200 million in Series D funding led by All-Stars Investment, with participation from CEC Capital.
Hillhouse co-leads $93m Series B for US biotech firm
Hillhouse Capital and Quan Capital have led a $93 million Series B round for NextCure, a US-based biopharmaceutical company focused on cancer and other diseases.
LPs drive evolution in Asia back office practices – AVCJ Forum
Growing demand for information and reporting among a shifting LP base is leading Asian GPs to improve their back office structuring, investors told the AVCJ Forum.
Mixed impact on exits as early-stage VC heats up – AVCJ Forum
VCs face new challenges and opportunities in exit markets across Asia as later-stage investors and strategic players participate more deeply in early-stage ecosystems.
PE-backed Chinese fashion platform Mogujie files for US IPO
Chinese online shopping and social networking business Mogujie has filed to list in the US. The company's investors include Tencent Holdings, Trustbridge Partners, and Hillhouse Capital.
PE-backed CStone files for Hong Kong IPO
CStone Pharmaceuticals, a cancer-focused Chinese biopharmaceutical developer with a number of PE and VC backers, has filed for an IPO in Hong Kong.
GP-LP communication key to effective ESG policy – AVCJ Forum
Continued uptake of meaningful environmental, social, and governance (ESG) policies in private equity will depend on fostering deeper dialogue on the subject between GPs and LPs, according to industry participants at the AVCJ ESG Forum.
PAG to make first and final close of $6b on third Asia fund
PAG Asia Capital is set to make a first and final close on its third pan-regional fund on November 15 at the hard cap of $6 billion. The vehicle has been in the market for approximately six months, having set an initial target of $4.5 billion.
Oriental Fortune to buy stake in Chinese auto parts maker
Oriental Fortune Capital (OFC) has agreed to acquire Chinese auto parts maker Changzhou Guangyang Holding Group in order to gain a controlling stake in its listed subsidiary.
China B2B plastics trading platform gets Series C funding
Kuaisuwang, a Chinese B2B trading platform for plastic products, has raised several millions of US dollars in a Series C round of funding from IRPC, a listed Thai petroleum and petrochemicals company.
EQT buys stake in Chinese wallpaper brand
EQT has acquired a 40% stake in Shanghai Artwall Environmental Technology, a Chinese wallpaper manufacturer, from the company’s founders for an undisclosed sum. Red Star Macalline, a domestic home furnishings retailer, also participated as a minority...
Sequoia China, ZhenFund launch entrepreneur club
Sequoia China Capital and ZhenFund have announced plans to launch a non-profit community dedicated to providing training courses and resources to Chinese entrepreneurs.
Operational value-add: Active duty
VCs are under pressure to improve operational capacity as competition heats up in Asia’s start-up ecosystems. Methodologies filtering over from the US are finding both disciples and skeptics
China’s LightInTheBox to acquire VC-backed Ezbuy
Chinese online retailer LightInTheBox has agreed to acquire Southeast Asian e-commerce operator Ezbuy for $85.55 million through a share swap.
Operational value-add: Sweat equity
As Asian GPs trial a range of operational value-add strategies with an eye on shifting market dynamics, they are discovering that helping portfolio companies requires self-inspection
China PE outlook: End of the party
Growth stage technology deals have retained a strong following in 2018, but elsewhere in Chinese private equity the mood is more somber