China
Chinese AI player Yitu raises another $100m
Yitu Technology, a Chinese artificial intelligence (AI) start-up, has received $100 million in funding from China Industrial Asset Management (CIAM). It comes a month after the company raised a Series C-plus round of $200 million.
Advance.AI raises $50m, targets Southeast Asia expansion
A group of Southeast Asian and Chinese investors has provided a $50 million extended Series B round of funding for Advance.AI, a big data specialist with offices in Beijing, Singapore, Jakarta, and Manila.
China fintech specialist Pintec files for US listing
Pintec Technology, a Chinese financial technology business backed by Ventech China, Xiaomi Ventures, and Matrix Partners China, among others, has filed for a US IPO.
Fund focus: Unicorn sticks to early-stage remit
China venture capital-focused fund-of-funds Unicorn Capital Partners raises $250 million with an eye on an increasingly challenging but rewarding early-stage technology space
Booking.com owner invests $500m in China’s Didi
Booking Holdings, which operates a number of online travel businesses including Booking.com, has invested $500 million in Didi Chuxing, a Chinese ride-hailing company with substantial PE and VC backing.
Deal focus: L Catterton taps the China luxury story
L Catterton Asia aims to help Chinese online luxury goods retailer Secoo expand its frontiers with technological and logistical support from e-commerce giant JD.com
China biotech: Finding the formula
An eruption of investment and company creation in Chinese biotech has signaled the dawn of a raw but promising market. First-movers must negotiate immediate pitfalls while targeting long-term upside
China's Ascentage Pharma gets $150m in Series C funding
Ascentage Pharma, a Chinese biopharmaceutical company primarily focused on treatments for cancer, has raised $150 million in Series C funding.
China's Snowball Finance raises $120m Series D
Snowball Finance, a Chinese online financial information platform that subsequently expanded into asset management, has raised $120 million in a Series D round of funding led by Ant Financial, Alibaba Group’s financial services affiliate.
Chinese car transaction services platform targets $150m US IPO
Cango, a private equity-backed Chinese automotive transaction services platform that brings together car dealerships, buyers, and financial institutions, is seeking to raise up to $150 million through a US IPO.
Cathay reaches $700m first close on Sino-European fund
Cathay Capital Private Equity has reached a first close of EUR600 million ($702 million) for its latest middle-market Sino-European fund. The target is EUR1.2 billion.
China-owned Opera Software files for US offering
Opera Software, a Norwegian web browser developer acquired by a PE-backed Chinese consortium in 2016, is looking to raise up to $115.2 million in a US IPO.
VC-backed 51 Credit Card completes $129m HK IPO
51 Credit Card, a Chinese online credit card management platform backed by the likes of Tiantu Capital, GGV Capital, and Shunwei Capital, raised HK$1 billion ($128.5 million) in its Hong Kong IPO.
Bain-owned Lionbridge gets funding from Baidu, Sunshine Insurance
Lionbridge, a Chinese commercial vehicle leasing business controlled by Bain Capital Private Equity, has received RMB1 billion ($150 million) in funding led by Baidu and Sunshine Capital, an investment unit of Sunshine Insurance Group.
Emerging China VCs target differentiation in deal sourcing - AVCJ Forum
China’s emerging venture capital firms are seeking an edge in a competitive market through differentiated deal sourcing – offering a more personalized service than their more established counterparts or simply making bets that confound conventional...
Jade Invest acquires China's Guardian Hygiene
Chinese mid-market private equity buyout firm Jade Invest has acquired domestic pest control company Guardian Hygiene Service for an undisclosed sum.
Asia exits have 'never been easier,' GPs say - AVCJ Forum
Private equity exits in Asia are on a roll, driven by rising Chinese strategic interest and the emergence of larger pan-regional private equity firms looking for secondary buyouts, industry participants told the AVCJ USA Forum.
Meituan-Dianping GP closes consumer fund at $300m
Longzhu Capital, a venture capital firm established by Chinese online-to-offline (O2O) services platform Meituan-Dianping, has closed its debut fund at RMB2 billion ($300 million).
China's Pony.ai adds $112m to Series A round
ClearVue Partners and Eight Roads Ventures have led a $112 million investment in China and US-based autonomous driving technology developer Pony.ai that brings the start-up’s total Series A funding to $214 million.
Chinese coffee shop chain raises $200m, achieves unicorn status
Luckin Coffee, a Chinese coffee shop chain established last year, has raised $200 million in Series A funding from GIC Private, Centurium Capital, Legend Capital, and Joy Capital. Centurium, a GP established by ex-Warburg Pincus China head David Li, is...
CIC's international portfolio generates record-high return
China Investment Corporation (CIC) posted a record-high return of 17.59% on its international portfolio in 2017 – compared to 6.22% the previous year – as the sovereign wealth fund’s total assets reached $941.4 billion.
Goldman leads $127m round for Chinese fitness app
Goldman Sachs has led a Series D funding round worth $127 million for Keep, a Chinese mobile app that provides fitness training programs.
Long Hill raises $252m for China VC fund, has yet to close
Long Hill Capital, a Chinese venture capital firm that spun out from New Enterprise Associates (NEA) in 2016, has raised $252.2 million for its second VC fund.
China’s Ganesh launches $250m India VC fund
Ganesh Ventures, a Chinese investor focused on India, has reached a first close of $30 million for a VC fund targeting $250 million.