China
Baidu, VC-backed Qunar sets terms for $127m US IPO
Qunar, a Chinese-travel website majority-owned by internet search giant Baidu, is seeking to raise up to $127.8 million through its NASDAQ IPO. The company is also backed by GSR Ventures and GGV Capital, neither of which will sell any shares in the offering.
Chinese online marketplace 58.com sets terms for $165m US IPO
Chinese online marketplace 58.com is seeking raise up to $165 million through its New York Stock Exchange IPO. The company’s venture capital investors – Warburg Pincus, SAIF Partners and DCM – will not sell any of their shares in the offering.
TPG to buy 21st Century Fox stake in Phoenix Satellite TV
TPG Capital has agreed to buy a 12.15% stake in Chinese satellite television operator Phoenix Satellite Television Holdings from 21st Century Fox for HK$1.66 billion ($214 million).
Nokia Growth leads Series D round for China's SolarVista Media
Nokia Growth Partners (NGP) has led a Series D round of investment for SolarVista Media, a Chinese outdoor billboard technology and media company. China Ease Management, existing backers Northern Light Venture Capital, Tuspark Ventures and FnH also participated....
CCBI PE unit invests in China Water Industry Group
The private equity unit of CCB International (CCBI), has invested HK$200 million ($26 million) in China Water Industry Group through a convertible bonds subscription.
China's Pactera agrees to $625m Blackstone-led take-private
Pactera Technology International has agreed to be taken private by a consortium led by The Blackstone Group that values the NASDAQ-listed Chinese tech outsourcing firm at approximately $625 million. Existing investor GGV Capital is also participating...
Fosun VC leads Series B round for Chinese animation producer
Fosun Venture Capital Investment, a VC arm of Fosun Group, has invested in a Series B round of funding for Beijing Dream Castle Culture, a Chinese animation producer. Existing backer GGV Capital also participated. Financial terms were not disclosed.
RRJ invests $50m in China property developer CIFI
RRJ Capital has agreed to invest $50 million in Shanghai-headquartered real estate developer CIFI Holdings via a new share subscription. The firm, which went public in Hong Kong last December, raising approximately $214 million, will use the capital for...
Duff & Phelps appoints new head of China investment banking
Financial advisory and investment banking firm Duff & Phelps has appointed David Lu as managing director and head of its investment banking practice in China. Lu joins from Cowen Group, where he was head of Asia investment banking. He previously held...
Profile: Innovation Works' Chris Evdemon
A cold email to Innovation Works founder Kai-fu Lee landed angel investor Chris Evdemon a full-time role at the Beijing-based incubator. Now he is looking to follow the firm into Silicon Valley
3Q analysis: Haves and have nots
Third quarter analysis: Fundraising fortunes become ever more polarized; Korea continues to be the stand-out buyout market, while India shows growth from a very low base; China IPOs are on the comeback trail
Acquisition finance: Familiar territory?
Once regarded warily by banks due to the lack of security in providing offshore financing against onshore assets, Asia buyouts that rely on offshore holdco structures are increasingly sought after.
Ascendent backs Wumart as Chinese retailer buys CP Lotus stores
Ascendent Capital Partners (ACP) has acquired a stake in Chinese supermarket operator Wumart Stores, as Wumart moves to acquire 36 stores from retail firm CP Lotus Corp. for HK$2.3 billion ($302 million) through a share swap.
People’s Daily to buy Sequoia-backed online literacy platform
People.cn, a Chinese online newspaper run by state-owned People’s Daily, intends to purchase a 69.25% stake in Kanshu.com, an online book reading platform backed by Sequoia Capital, for RMB249 million ($40.8 million).
CIC, RRJ back China water treatment firm SIIC Environment
Singapore-listed Chinese water treatment firm SIIC Environment will raise a total of S$260.2 million ($209 million) by selling new shares to investors including China Investment Corporation (CIC), RRJ Capital and CCBI International.
CITIC Capital, Crestview buy machinery supplier Stackpole
CITIC Capital Partners has teamed up with New York-based Crestview Partners to buy Stackpole International, a North American machinery supplier, from Sterling Group and Current Capital. The transaction value was not disclosed but it is reportedly $512...
IDG commits $40m to Peking Duck restaurant chain Quanjude
IDG Capital Partners has invested RMB250 million ($40 million) in Chinese catering chain Quanjude - best known for its Peking Duck dishes - for a 5.78% stake.
Alibaba will not pursue Hong Kong listing
Alibaba Group has decided not to pursue a Hong Kong IPO after efforts to persuade the exchange to accommodate a shareholding structure that allows management to retain control of the business met with a lukewarm response. It is unclear where the listing...
CIC agrees $1.3b debt-for-equity swap with Bumi Resources
China Investment Corporation (CIC) has agreed a debt-for-equity swap worth $1.3 billion with embattled Indonesian miner Bumi Resources.
Fosun invests in Hong Kong-listed Goldpoly New Energy
Fosun Group has invested in Goldpoly New Energy Holdings, a Hong Kong-listed Chinese solar power station operator, by subscribing to a $50 million convertible bonds offering. China Orient Asset Management and US-based asset management firm York Capital...
MBK closes third North Asia buyout fund at $2.7b hard cap
MBK Partners has closed its third fund at the hard cap of $2.7 billion after just over one year in the market. The North Asia-focused GP, which was founded by Michael B. Kim, former president of Carlyle Asia Partners, set an initial target of around $2.25...
Goldman to raise up to $315m in Geely Auto sell down
Goldman Sachs Principal Investment Area, an investment unit of Goldman Sachs, plans to sell-down its entire stake in Hong Kong-listed Geely Automobile Holdings, raising up to HK$2.44 billion ($315 million).
China shopping search portal B5M raises $16m round
ClearVue Partners has led a $16 million Series B round of investment in Chinese shopping portal B5M.
Sierra Ventures leads Series C round for China's Social Touch
Chinese social marketing services provider Social Touch has raised $10 million in Series C funding from a group of investors led by Sierra Ventures. Legend Capital and GGV Capital, which backed the company in its previous two rounds, also participated.