China
China’s Sungy Mobile buys VC-backed app store Getjar
Sungy Mobile, a VC-backed Chinese app developer that went public on NASDAQ last year, has acquired GetJar, a US-based mobile ad network. GetJar previously raised three rounds of VC funding, two led by Accel Partners and the third led by Tiger Global.
Hony in talks to join Giant Interactive take-private - report
Hony Capital is said to be in advanced talks to join a consortium led by Baring Private Equity Asia that is supporting the $2.8 billion take-private deal for Chinese online game developer Giant Interactive.
Xiaomi’s Lei Jun leads $100m round China’s Vancl – update
Lei Jun, Chinese super angle and co-founder of smart phone maker Xiaomi, has led a $100 million round for Vancl, China’s largest online clothing retailer. Existing investors Temasek Holdings, IDG Capital Partners, Ceyuan Ventures and SAIF Partners also...
CITIC leads $41m China tech fund launch
A group of investors, including CITIC Capital and the Shenzhen municipal government have launched a RMB250 million ($41 million) venture fund to invest in technology companies.
TMall’s Inman Apparel receives funding from IDG, Alibaba – report
IDG Capital Partners and Alibaba Group have reportedly invested in Inman Apparel, a Guangzhou-based clothing brand that sells its products through Alibaba’s TMall and Taobao platforms.
Held to account: The Big Four in China
A legal ruling might ban the Big Four accounting firms’ China affiliates from working on US-listed Chinese companies. VCs aren’t worried about IPO prospects, but there are longer-term concerns
Temasek, Ceyuan, IDG, SAIF invest $100m in China’s Vancl
Vancl, China’s largest online clothing retailer, has raised more than $100 million in funding from existing investors Temasek Holdings, IDG Capital Partners, Ceyuan Ventures and SAIF Partners.
Alibaba seeks full acquisition of AutoNavi
Chinese e-commerce giant Alibaba Group has offered to buy the 72% of NASDAQ-listed AutoNavi Holdings that it doesn’t already own for $1.13 billion. The take-private deal would value the digital mapping and navigation firm, which has previously received...
CDH Ventures invests in online travel site Lailaihui
CDH Venture has led a new funding round for Lailaihui, a Chinese backpacker travel service start-up, alongside existing investor Unity Ventures. Transaction details were not disclosed but the investment was said to be about $1 million.
Infinity-backed WLCSP raises $118m in Shanghai IPO
China Wafer Level Chip Scale Package (WLCSP) - a chip-maker backed by Israel's Infinity Group and China-Singapore Suzhou Industrial Park Ventures (CSVC) - has raised RMB715 million ($118 million) after listing on the Shanghai Stock Exchange.
PE-backed Luye, Rundong target HK IPOs – report
Two private equity-backed Chinese companies – Rundong Automobile Group and Luye Pharma Group – are reportedly planning to raise a total of $1.5 billion through Hong Kong listings.
China-focused Infinity Group invests in US oil assets
Infinity Group, the Israel-based PE firm created by China Development Bank and local conglomerate IDB Group, has teamed up with oil technology firm Glori Energy to acquire oil-producing assets in Texas from Petro-Hunt for $40 million.
BVCF invests in US-based Jaguar Animal Health
China-focused BVCF has committed $2 million in a Series A round of funding for Jaguar Animal Health, a veterinary drugs developer, with another $3 million to come by the end of the month.
VC-backed JD.com targets $1.5b US IPO
Chinese online retailer JD.com, which has received $1.7 billion in venture capital and private equity funding in the last two years, is seeking to raise up to $1.5 billion through a US IPO.
Pantheon hires Jie Gong from Morgan Stanley
Global fund-of-funds manager Pantheon has appointed Jie Gong, formerly of Morgan Stanley Alternative Investment Partners, as a Hong Kong-based partner with a focus on China.
Navis buys control of Hong Kong chemicals producer
Navis Capital Partners has acquired a controlling interest in Amazon Papyrus Chemicals Group, a Hong Kong-based chemicals manufacturer that supplies the paper and pulp industry.
CDH to close upsized Fund V at $2.55b
Speaking to AVCJ last year, Shangzhi Wu (pictured), chairman and managing partner of CDH Investments, addressed the issue of certain China managers’ fund sizes rising with each vintage. He put the phenomenon down to a combination of rising valuations,...
EQT’s new fund goes global
The acquisition of a 65% stake in Qinyuan Bakery in 2010 was EQT Partners’ debut food service sector investment in China. Yet the deal was familiar territory for the GP, which was able draw on previous portfolio investments in Europe, including Vaasan&Vassan,...
Bull Capital invests in Singapore-based IT security specialist
Bull Capital has bought a 41.67% stake in i-Sprint Group, a Singapore-based IT security service provider owned by Automated Systems Holdings, for $9.85 million.
IDG spin-out Banyan Capital raises $206m for China fund
Banyan Capital, a China-focused VC group that spun out from IDG Capital Partners, has closed its debut fund at $206 million. High net worth individuals – primarily the founders and CEOs of companies the team backed while at IDG – contributed more...
LP interview: Axiom Asia
Axiom Asia has followed a consistent approach in backing small to mid-market country funds in the Asia Pacific region. Chihtsung Lam, the firm’s co-founder and managing partner, explains the strategy
VC firms back Irish start-ups in China
Led by the likes of Google, Facebook and LinkedIn, US tech companies have flocked to Ireland due to its EU access and business friendly policies, creating around 140,000 local jobs in the process. This has fostered spin-outs and serial entrepreneurs across...
Strategic imperative: Chinese corporates embrace PE
Corporate private equity arms are catching on in China as companies beyond the tech space develop an appetite for investment. What does it mean for the industry’s independent incumbents?
Battles averted?
No one emerged from the debacle at NVC Lighting Technology looking particularly good.