China
GLP leads $36m round for China’s Songxiaocai
Warehouse operator Global Logistic Properties (GLP) has led a RMB230 million ($36 million) investment in Songxiaocai, a business-to-business (B2B) platform that provides agricultural wholesale services to Chinese retailers.
China’s Shunwei Capital appoints new partner
Chris Lai, formerly a venture partner at China-focused Sinovation Ventures, has joined Shunwei Capital Partners, a VC firm set up by Xiaomi founder Lei Jun, as a partner.
Joy leads $20m round for Chinese e-commerce site
Joy Capital has led a $20 million round of funding for The Good Stuff, an e-commerce start-up that uses online influencers to sell products.
Alibaba's Taiwan fund backs fitness brand
Space Cycle, a boutique fitness studio chain operating in mainland China and Taiwan, has raised a RMB100 million ($15.6 million) Series B round of funding led by Alibaba Taiwan Entrepreneurs Fund.
Technology: Auto ambitions
Private equity firms and strategic investors are driving an automotive technology arms race in Asia
Temasek leads Series C for China home automation player
Singapore’s Temasek Holdings has led a Series C round of undisclosed size for Rokid, a Chinese artificial intelligence (AI) developer focused on home automation devices.
Clearwater, IFC plan $150m distressed asset JV
The International Finance Corporation (IFC), the investment arm of the World Bank,and Clearwater Capital Partners will together invest $150 million in distressed assets in Asia.
Deal focus: VCs see value in secondhand luxury
Chinese online pre-owned luxury goods retailer Xinshang aims for scale with investments from GGV Capital, Joy Capital and Northern Light Venture Capital
Deal focus: Black Fish emphasizes focus on fintech
Lightspeed, Morningside, Jafco and Gobi contribute to the first institutional round of funding for Chinese financial technology player Black Fish
Fosun Capital leads $80m Series B for China’s BingoBox
BingoBox, a Chinese unmanned convenience store operator, has raised an $80 million Series B round of funding led by Fosun Capital. Existing investors Prometheus Capital, Qiming Venture Partners, GGV Capital and Ventech China also took part.
Asian credit remains attractive for investors
While global investors often express wariness about investments in Asian credit and special situations, industry veterans remain optimistic about the future of the strategy.
Overseas LPs find entering Asia challenging
Overseas institutional LPs – in particular those willing to write larger checks – have found it difficult to access Asia's private equity market, industry participants told the HKVCA Asia Private Equity Forum.
Carlyle hires Goldman executive for China growth deals
The Carlyle Group has hired Wanlian Liu from Goldman Sachs to lead the firm’s growth investments in China as a managing director.
Deal focus: Cream of the crop
Proterra is on course to more than double its money on AustAsia, following an agreement to exit the Chinese dairy farm operator to fellow investor Japfa
China apartment rental firm Ziroom raises $621m
Ziroom, a Chinese apartment rental service provider, has raised a RMB4 billion ($621 million) Series A round of funding led by Warburg Pincus, Sequoia Capital, and Tencent Holdings.
China’s Bianlifeng acquires VC-backed Lingwa
Bianlifeng, a Chinese PE-backed cashier-free convenience store operator, has acquired a controlling stake in its peer Lingwa. Financial terms were not disclosed.
Morningside, Legend lead $112m round for China’s Pony.ai
Pony.ai, a China and US-based start-up that develops autonomous driving solutions, has completed a $112 million Series A round of funding jointly led by Morningside Venture Capital and Legend Capital.
Xiaomi, VC-backed Chinese wearables maker targets US IPO
Huami, a Chinese wearables manufacturer that has a strategic relationship with smart phone maker Xiaomi and several venture capital backers, has filed for a US IPO.
CICC leads $96m round for Chinese sports site Hupu
Hupu Sports Media, a Chinese language sports information and e-commerce site, has raised a RMB618 million ($96 million) round led by a government-backed fund managed by China International Capital Corporation (CICC).
CITIC Capital takes majority control of Harbin Pharmaceutical
CITIC Capital has increased its stake in Harbin Pharmaceutical Group to 60.86%, becoming the controlling shareholder of the Chinese state-backed business in which it has been an investor since 2005.
Chinese fruit store chain raises $230m Series B
Pagoda, a Chinese fruit store chain operator, has completed a RMB1.5 billion ($230 million) Series B round of funding.
CITIC Capital completes Axilone acquisition
CITIC Capital has completed the acquisition of Axilone, a Europe-headquartered packaging supplier to the cosmetics industry. The deal facilitates an exit for Oaktree Capital Management.
China co-working space start-up gets $92m
Kr Space, a China-based co-working space operator, has received RMB600 million ($92 million) in a pre-Series B round of funding from its existing investors.
Nissan, Mitsubishi, Renault set up $1b auto VC fund
Automotive giants Renault, Nissan Motor and Mitsubishi Motors have launched a venture capital fund that will invest $1 billion in advanced car technologies with a strong presence in Asia.