China
VCs commit $65m to China vaccine developer CanSino Biologics
SDIC Fund Management, a GP under China’s State Development & Investment Corporation, has led a $65 million round of funding for CanSino Biologics, a China-based vaccine developer.
Source Code closes third China VC fund at $260m
Source Code Capital, a Chinese VC firm founded by Yi Cao (pictured), a former partner at Sequoia Capital, has closed its third US dollar-denominated technology fund at $260 million.
Antony Leung's New Frontier backs Shenzhen medical group
New Frontier, a private equity firm co-founded by Antony Leung (pictured), formerly Hong Kong's financial secretary, has invested in Best Unimed Medical Group, a Shenzhen-based third-party physicians group.
Neuberger Berman launches onshore China unit
Neuberger Berman has established an onshore investment management business in China that is expected to enable the firm to distribute private fund products to local clients.
IFC proposes $100m investment in China insurance firm
The International Finance Corporation (IFC), the investment arm of the World Bank, is considering an equity investment of up to RMB690 million ($100 million) in Chinese insurance firm Union Life Insurance.
VCs join $400m round for China, US-based EV player
CITIC Securities has led a $400 million funding round - with participation from CDH Investments and National Venture Capital - for China and US-based electric vehicle (EV) supplier Microvast Power Systems.
ClearVue raises $362m for China consumer fund
ClearVue Partners has closed its second China consumer-focused fund at $362 million, having received commitments from institutional LPs including several global fast-moving consumer goods companies.
Addor Capital leads $12m round for China’s Yeecall
Addor Capital has led a $12 million pre-Series B round for Yeecall, a Chinese mobile app that allows users to make free voice and video calls, with participation from existing investors including Sinovation Ventures.
Haiyin Capital, NCET2 form Sino-US VC fund
China's Haiyin Capital and the US-based National Council of Entrepreneurial Tech Transfer (NCET2) have jointly launched a VC fund to provide capital to start-ups formed at American universities.
Ex-KPCB China executive Wei Zhou launches new VC firm
Wei Zhou (pictured), formerly a managing partner at KPCB China, has launched a new VC firm – China Creation Ventures – and closed his debut renminbi-denominated fund at RMB1.5 billion ($220 million).
Hony’s Best Food backs Vietnamese restaurant chain
Best Food Holding, a Hong Kong-listed food and beverage platform established by Hony Capital, has invested an undisclosed sum in Shenzhen Yuepin, a restaurant chain specializing in Vietnamese cuisine.
Baring Asia to exit Weetabix as Bright Food agrees $1.76b sale
Baring Private Equity Asia will exit Weetabix after China’s Bright Food Group agreed to end its four-year ownership of the UK-based cereals producer through a trade sale that values the business at GBP1.4 billion ($1.76 billion) on a cash free, debt...
Ant Financial raises offer for PE-backed MoneyGram
Alibaba Group's Ant Financial has raised its takeover bid for US-listed financial services company MoneyGram, topping a competing offer made by US-based Euronet Worldwide last month. The sale will provide an exit for Thomas H. Lee Partners (THL).
CMC forms partnership with Hollywood talent agency CAA
China media-focused private equity firm CMC Capital Partners has acquired a minority stake in Hollywood talent agency Creative Artists Agency (CAA) for an undisclosed sum.
SIG leads $22m round for China training platform
Susquehanna International Group’s SIG Asia Investments has led a $22 million Series B round of funding for Yunxuetang, a Chinese cloud-based vocational training platform that works with companies like China Mobile and Lenovo.
CICC joins $108m round for China music streaming business
China International Capital Corp. (CICC) and two strategic investors have provided RMB750 million ($108 million) in funding for Chinese internet company NetEase's online music platform. The investment values NetEase Cloud Music at approximately RMB8 billion.
China semiconductor fund to buy Xcerra for $580m
Sino IC Capital, a technology-focused private equity fund manager backed by the Chinese government, has agreed to acquire US semiconductor and electronics manufacturer Xcerra in a deal that values the company at about $580 million.
Tianjin government launches $14.5b guidance fund
The Tianjin government is looking to raise RMB100 billion ($14.5 billion) for a renminbi-denominated fund intended to stimulate private investment in pillar industries such as high-end manufacturing, information technology and aerospace.
China’s SDIC to invest $47m in US-based Maxwell
SDIC Fund Management has agreed to invest $47 million in US-listed energy storage and delivery solutions developer Maxwell Technologies.
WL Ross backs joint venture to acquire China steel assets
WL Ross & Co, the private equity firm founded by recently appointed US Commerce Secretary Wilbur Ross, has announced its first China investment in over five years, backing a joint venture to acquire steel industry assets in the country.
Volkswagen China invests $180m in VC-backed Mobvoi
Volkswagen's China unit has agreed to invest $180 million in Beijing-based Mobvoi, a venture capital-backed start-up that is developing artificial intelligence (AI) technology for the automotive sector.
Hillhouse, FountainVest agree $1b Zhaopin take-private
Hillhouse Capital and FountainVest Partners, along with Australia’s Seek International, have agreed to buy US-listed Chinese recruitment website Zhaopin in a deal that values the company at $1.01 billion.
China auto trading platform Souche gets $180m Series D
Warburg Pincus has led a $180 million Series D round of funding for Chinese online second-hand car trading platform Souche, less than five months after the company’s previous round worth $100 million.
VCs back Series C for China mother-and-baby player
Eight Roads Ventures has led a group of investors in a Series C round of funding for Mama+, a social networking and e-commerce platform focused on China’s mother-and-baby market.