China
Everbright Ashmore exits Chongqing shopping for 2.1x return
Everbright Ashmore has sold its investment in Chongqing shopping mall IMIX Park, making the second exit from the $153 million Everbright Ashmore China Real Estate Fund I.
China retail: Asset-heavy to asset-light
Facing competition from e-commerce platforms, China’s traditional offline retailers are moving online – and the ideal combination is a combination of the two. PE investors are seeking opportunity in the disruption
Online tourism: Ticket to ride
Online tourism is on the rise in emerging Asia and numerous venture-backed businesses are looking to hitch a ride on the consumer growth trend. The key is finding the right niche
Alibaba leads $50m Series C round for Quixey
Alibaba Group has led a $50 million Series C round of investment for Quixey, an US-based search engine for apps. New investor GGV Capital and existing backers Atlantic Bridge, Innovation Endeavors, Translink Capital, US Venture Partners, and WI Harper...
China Media Capital backs Charm Communications take-private
Hong Kong-based China Media Capital is backing management buyout of Charm Communications, a US-listed Chinese advertising agency. The bid values the company at about $180 million.
Temasek commits $100m in China 21Vianet
Temasek Holdings has invested $100 million in 21Vianet Group, a US-listed Chinese carrier-neutral internet data center services provider, for about a 10% stake.
IDG, CreditEase to launch financial innovation fund
IDG Capital Partners and CreditEase, a Chinese peer-to-peer (P2P) microcredit lender, have set up a financial innovation fund, targeting a first close of $100 million. The vehicle - IDG CreditEase Financial Innovation Fund – will support online financial...
Tech IPOs: An issue of control
Alibaba Group wants the Hong Kong Stock Exchange to permit a bespoke IPO structure that would allow management to retain board control. By refusing, is the bourse going to forgo more China tech business?
KKR, CDH go greenfield in China
KKR isn’t known for backing start-ups, but the risks associated with the firm’s recent foray into dairy farm ownership in China are tempered by the presence of familiar partners. For its first control deal in China and its first greenfield deal globally,...
TPG exits a more diversified UT Capital
Property prices in China are inextricably linked to government policy. Vigilant to the emergence of bubbles in different geographies and segments, the authorities are ready with measures to curb price growth, but they must also ensure a sector that contributes...
VC-backed Chinese online marketplace targets $150m US IPO
Chinese venture capital-backed local marketplace website 58.com filed for its US IPO, targeting up to $150 million.
Baidu, VC-backed travel website Qunar files for $125m IPO
Qunar, a Chinese travel website majority-owned by internet search giant Baidu, is looking to raise up to $125 million through an IPO in the US. GSR Ventures and GGV Capital still hold minority positions in the company but it is unclear whether they plan...
KKR buys 10% stake in China home appliance maker for $552m
KKR has acquired a 10% stake in Qingdao Haier (QH), a Chinese home appliance maker, for RMB3.38 billion ($552 million) - its biggest investment in China to date.
CITIC Goldstone to end US dollar fund, continue RMB fund
Goldstone Investment, the direct investment arm of China’s CITIC Securities, is likely to discontinue its US dollar-denominated fund but the firm will remain active on the renminbi side.
Hony among first batch of companies to set up in Shanghai free trade zone
Hony Capital was among the first batch of companies to be awarded licenses to operate in Shanghai's new free trade zone, which is being touted as a new test bed for economic reform.
Malaysia’s Khazanah invests in Beijing Enterprises Water Group
Mount Reskit Investments, a wholly-owned unit owned by Malaysian sovereign fund Khazanah Nasional, plans to invest HK$1.18 billion ($152 million) in Beijing Enterprises Water Group. Upon completion, it will hold a 4.95% stake in the state-owned water...
VC-backed Montage raises $71m in US IPO, closes up on first day trading
Montage Technology Group, a China-based semiconductor manufacturer backed by AsiaVest Partners and Intel Capital, saw its stock jump 28% to close at $12.80 on its first day of trading on NASDAQ. It is the second PE-invested Chinese company to go public...
HK’s Shining Capital leads $40m JustFab Series C round
Hong Kong-based Shining Capital Management has led a $40 million Series C round of funding for US-based fashion subscription e-commerce retailer JustFab. Existing backers Matrix Partners, Rho Ventures, Technology Crossover Ventures and Intelligent Beauty...
Fosun, Axa's Club Med takeover delayed
Axa Private Equity and China’s Fosun International have suffered a setback in their takeover of France-based vacation resort operator Club Méditerranée (Club Med), as French regulators decided not to rule on shareholder opposition to the deal before...
Alibaba acquires VC-backed cloud computing Kanbox
Alibaba Group has agreed to buy Kanbox, a Chinese cloud storage service provider backed by Susquehanna Asia Investment and DCM. The value of the deal was not disclosed.
TPG exits China leasing business to Haitong Securities for $715m
TPG Capital has agreed to sell Chinese financial leasing business UT Capital Group to Haitong International Holdings for approximately $715 million. It brings to an end a five-year ownership period during which UT Capital has expanded its activity from...
Horizons Ventures backs Zoom Video Series B round
Hong Kong billionaire Li Ka-Shing’s Horizons Ventures, which is known for investments in Facebook and Skype, has led a $6.5 million Series B funding round for Zoom Video Communication, a California-based cloud conferencing operator.
CIC takes 12% stake in Russian potash producer
China Investment Corp. (CIC) is now the second largest shareholder in Russia's Uralkali - the world's biggest potash producer - after it converted bond holdings into equity equivalent to a 12.5% stake.
Shareholders approve Shuanghui's $4.7b acquisition of Smithfield Foods
Shareholders of US pork producer Smithfield Foods have approved the company's $4.7 billion acquisition by its PE-backed Chinese counterpart Shuanghui International.