China
Rocket, Kinnevik exit as Alibaba pumps $1b into Lazada
Alibaba Group will invest about $1 billion to take its stake in Southeast Asia-based e-commerce platform Lazada from 51% to 83%, enabling investors including Rocket Internet and AB Kinnevik to make a full exit.
VC secondaries: Trading unicorns
Secondary investors are seeing more deal flow in the venture capital space as GPs seek to generate returns on assets that are taking longer than expected to go IPO. Valuations remain a sticking point
Yunfeng leads $29m round for China media company
China-focused PE firm Yunfeng Capital has led a RMB200 million ($29 million) Series B round of funding for Tianjin Galaxy Cool Media, a local online video content producer.
PE investors back $402m Sinovac take-private
A consortium of private equity investors has agreed to privatize US-listed Chinese biopharmaceutical player Sinovac Biotech in a deal worth $401.8 million, bringing a contentious bidding process to an end.
LP interview: Verlinvest
Verlinvest has built strong consumer sector presence in Asia through PE fund commitments and direct deals. Nicholas Cator, an executive director at the family office, says the latter are more important than the former
Zombie start-ups: On the same side
Zombie companies present a special challenge for VC investors, whose exit goals may not match the aims of the founders. Successful GPs will try to ensure a positive experience for all parties
PE-backed Chinese logistics player files for US IPO
Best Inc, a Chinese logistics operator backed by Alibaba Group and a string of private equity investors, has filed for a US IPO. No details have been given as to the size and pricing of the offering.
Legend leads $18m round for Chinese book publisher
China-focused Legend Capital has led a RMB128 million ($18 million) Series A round for Dook Book, a Shanghai-based book publisher that also has digital media and film operations.
AGIC-led consortium buys US pharma player
AGIC Capital, a private equity firm established in 2015 to focus on China-Europe cross-border investments, has secured its first deal in the US with an agreement to acquire pharmaceutical manufacturer Ritedose Corporation.
Shaw Kwei completes exit from China's YongLe with 4.8x return
Shaw Kwei & Partners has completed its exit from Chinese PVC adhesive tape manufacturer YongLe Tape – securing a gross multiple of 4.8x – as Avery Dennison purchased the asset for a total consideration of $300 million.
Secondary investors pay $600m for LP stakes in IDG VC funds
IDG Capital has completed a secondary deal worth nearly $600 million, selling down LP positions in at least seven funds managed by affiliates in India and Vietnam as well as by the GP itself in China. These holdings were acquired as part of the purchase...
China agricultural services platform secures $29m round
Orchid Asia Group and China Growth Capital have jointly led a RMB200 million ($29 million) Series B round for Dafengshou, a Shenzhen-based agricultural supply chain service online platform. Existing investor Matrix Partners also participated.
Private equity and data centers: Get connected
With demand for outsourced data center services poised to take off in Asia, private equity investors are looking for ways to participate in the growth story
China’s JD.com invests $397m in PE-backed Farfetch
China-based JD.com has invested $397 million in UK-based Farfetch, a PE-backed online luxury fashion retailer, as part of a new strategic partnership to pursue growth in China.
CITIC Capital raises $1.57b for US dollar tranche of China fund
CITIC Capital Partners has closed the US dollar-denominated portion of its latest China fund at the hard cap of $1.57 billion after about one year in the market. The renminbi tranche is still being raised, with a target of RMB3 billion ($439 million).
China dating app Tantan raises $70m Series D
Chinese mobile dating app Tantan has raised $70 million in a Series D round of funding led by US-listed live video streaming firm YY and Genesis Capital, with participation from SAIF Partners China and Zhongwei Capital.
CLSA Capital invests in Japan beauty contact lenses maker
CLSA Capital Partners (CLSA CP) has invested an undisclosed sum in El Dorado Group, a beauty contact lenses manufacturer based in Japan and Hong Kong.
Chinese VC-backed co-working space Bigger raises $18m
Bigger, a Beijing-based co-working space operator established by Hong Kong-listed property developer Modern Land, has completed a $18 million Series A round led by an investment unit of real estate company Hongfu Group.
Bolt-on acquisitions: Buying growth
Bolt-on acquisitions enable private equity firms to bring down the cost of investments through multiple arbitrage and leveraging synergies. But in a climate of heady valuations, are GPs thinking too big?
CITIC Capital, FountainVest to exit China's Focus Media
CITIC Capital Partners and FountainVest Partners plan to exit their entire stakes in Focus Media - the Chinese outdoor advertising business they helped take private in the US and then re-list in Shenzhen two years ago - within six months.
IFC proposes $100m investment in China's Penyao
The International Finance Corporation (IFC), the investment arm of the World Bank, is considering an investment of up to $100 million in Chinese water treatment firm Penyao Environmental Protection.
China’s BeauCare Clinics secures $29m Series B
BeauCare Clinics, a Chinese plastic surgery clinic chain, has raised RMB200 million ($29 million) in a Series B round of funding led by GP Capital.
PE-backed car auction player Mychebao receives $74m
Chinese second-hand car online auction platform Mychebao, which is backed by several PE investors including PAG Asia Capital, has raised another RMB500 million ($74 million) in an extended Series C round of funding.
FountainVest hires ex-Goldman banker as MD
China-focused private equity firm FountainVest Partners has appointed Andrew Huang, formerly head of China M&A at Goldman Sachs, as a managing director.