China
PE-backed China Cinda to raise $2.5b in Hong Kong IPO - report
PE-backed China Cinda Asset Management Corp, one of four groups set up to absorb non-performing loans (NPLs) from the country’s Big Four state-owned banks, is expected to raise up to $2.5 billion in its Hong Kong IPO.
DFJ consolidates China operations
Draper Fisher Jurvetson’s (DFJ) Shanghai office will close as the firm consolidates its operations in China. Existing portfolio companies will continue to receive support and Hope Chen remains a managing director responsible for overseeing China investments,...
VC-backed 500.com revises IPO pricing, targets $86.5m
VC-backed Chinese online sports lottery provider 500.com has increased the indicative price range for its US IPO, putting the company on course to raise up to $86.5 million.
Tencent an investor in Snapchat – report
Tencent reportedly made a minority investment in video messaging app Snapchat in June.
DCM, Bertelsmann commit $10m to China’s Ucloud
Ucloud, a Chinese cloud computing service provider, has received more than $10 million in Series A funding from DCM and Bertelsmann Asia Investments.
China to modify IPO approvals system
The China Securities Regulatory Commission (CSRC) will move towards a registration-based system for IPOs in place of the current approval-based system. This is intended to make it easier for companies, especially smaller ones, to raise capital.
China’s NSSF invests in US-listed mobile games developer
The National Council for Social Security Fund (NSSF), China's state pension fund, has invested $15 million in China Mobile Games and Entertainment Group (CMGE), a US-listed mobile games operator.
Alibaba buys VC-backed mobile app analytics operator
China e-commerce conglomerate Alibaba Group has purchased Umeng, a Beijing-based mobile app analytics service provider incubated by Innovation Works.
Bitcoin boom
“It is in some ways easier to buy things in China using bitcoin than it is using traditional fiat currency,” says Dan Ciporin, partner at the VC firm Canaan Partners.
China due diligence: Playing it safe
The catalogue of deals gone bad in China is long and undistinguished. Private equity firms, and the third-party advisors that work with them, are rethinking their approach to due diligence
Hong Kong's FSDC makes proposals for PE tax exemption, OEICs
Hong Kong’s Financial Services Development Council (FSDC) has released proposals for extending the profits tax exemption for offshore funds to include private equity and introducing open-ended investment company (OEIC) structures through which managers...
Bitcoin exchange BTC China Raises $5m from Lightspeed
China’s largest bitcoin exchange by trading volume, BTC China, has raised $5 million in Series A funding from Lightspeed China Partners and Lightspeed Venture Partners.
RRJ to launch $1b real estate fund - report
RRJ Capital, the Hong Kong-based private equity firm set up by former Hopu Investment Management executive Richard Ong, is said to be launching a $1 billion real estate fund targeting investments in China.
Temasek, Greenwoods back Phoenix Healthcare IPO
Temasek Holdings and Shanghai-based Greenwoods Investment have made a pre-IPO investment in Phoenix Healthcare Group, picking up a 10% stake in the company for RMB165 million ($26.8 million).
Leung quits as Blackstone Greater China chairman
Antony Leung will step down as Greater China chairman at The Blackstone Group to become CEO of Hong Kong conglomerate Nan Fung Group. He will remain involved with Blackstone as a senior advisor and member of the firm’s international advisory board....
Vision Knight, Softbank China back tourism site 8trip
Vision Knight Capital has led a RMB150 million ($25 million) round of funding for 8trip, a Chinese B2B online travel website. SoftBank China Venture Capital (SBCVC) also participated in the round.
SoftBank China invests in P2P lending site Yooli.com
Chinese peer-to-peer financing platform Yooli.com has received $10 million in Series A funding from Softbank China Capital. The platform launched in February but already has nearly 100,000 registered users and has transacted more than RMB264 million ($43...
Haitong Capital, Orient International launch RMB buyout fund
Haitong Capital, a PE arm of Haitong Securities, and Shanghai-based logistics company Orient International Enterprise have launched a renminbi-denominated buyout fund with a target of RMB3 billion ($493 million).
GPs warn of 'China risk' in cross-border deals - AVCJ Forum
China cross-border deals are increasingly attractive to private equity investors but the risks involved, particularly given many domestic companies don't fully grasp international business culture, are considerable.
GLP launches $3b China logistics fund
Global Logistic Properties (GLP), a Singapore-listed warehouse developer largely owned by GIC Private, has launched a $3 billion China-focused logistics infrastructure fund, capturing the opportunities in China domestic consumption and the shortage of...
Boyu Capital’s Mary Ma named as non-executive director in HK SFC
Mary Ma, co-founder and chairman of Boyu Capital, has been appointed as a non-executive director of Hong Kong Securities and Futures Commission (SFC).
China online video: Big fish, small fish
As Chinese online video consumers switch to mobile platforms, venture capital investors are looking for ways to ride the wave – but they must do it with one eye on strategic players also entering the space
Asia distress: Playing doctor
Asia appears to be destined for a spate of corporate restructurings. Although they are studying a wealth of potential investments, distress specialists say the obvious targets are not always the most accessible
PE sees shift in due diligence focus to management - AVCJ Forum
Private equity advisory firms are placing greater emphasis on management integrity as they seek to refine the due diligence process for portfolio companies, say industry participants.