China
TPG leads $220m round for China's Dingdang Health
TPG Capital has led a $220 million round for Chinese online pharmacy services provider Dingdang Health.
GP profile: Hosen Capital
From renminbi funds to US dollar funds and from growth equity to buyouts, Hosen Capital has been through several evolutions in its first decade. Meeting China’s food needs remains a constant
Fund focus: Unicorn does the hard yards
Six-year-old Unicorn Capital Partners has closed its latest China VC vehicle at the hard cap of $450 million, proving there is demand for fund-of-funds that offer something different
CITIC entities commit $94m to China's Simcere Diagnostics
SimCere Diagnostics, the diagnostics arm of Hong Kong-listed SimCere Pharmaceutical Group, has raised RMB600 million ($94 million) in Series B funding led by CITIC Securities and CITIC Medical & Health Fund.
Blackstone buys International Data Group from China Oceanwide
The Blackstone Group has agreed to acquire International Data Group (IDG) from China Oceanwide Holdings for an enterprise valuation of $1.3 billion.
China renovation materials trading platform raises $400m
Chubby Bear, a Shanghai-based B2B platform that matches buyers with suppliers of renovation materials, has raised $400 million across two tranches of Series C funding.
Orchid Asia reaches $1.1b first close on Fund VIII
Orchid Asia has achieved a first close of $1.1 billion on its eighth fund, five months after launching the vehicle with a full target of $1.6 billion.
Primavera buys Reckitt’s China formula business for $2.2b
Primavera Capital Group has agreed to acquire UK-headquartered multinational Reckitt Benckiser’s China infant formula and child nutrition business for an enterprise value of $2.2 billion.
China's Oceanpine raises $312m for renminbi hard-tech fund
Chinese technology and healthcare investor Oceanpine Capital has closed its Hardcore Technology Investment Fund on RMB2 billion ($312 million). LPs include government guidance funds and fund-of-funds in Suzhou, where the new vehicle is based.
China mRNA specialist Stemirna gets $200m in funding
Stemirna Therapeutics, which claims to be the first biotech company to bring an mRNA therapeutics and nanomedicine platform to China, has raised $200 million in funding.
Unicorn raises $450m for VC fund-of-funds
China-focused venture capital fund-of-funds Unicorn Capital Partners has closed its latest vehicle at the hard cap of $450 million. The process took six months and the fund was oversubscribed
China SaaS provider Xforceplus raises $200m
Chinese software-as-a-service (SaaS) provider Xforceplus has raised a $200 million round led by Silicon Valley’s Dragoneer Investment Group and Beijing-based MSA Capital.
Fund focus: Glory’s deep-tech thesis gains traction
Having initially struggled to win over LPs with a strategy focused on capital-intensive deep-tech assets, Glory Ventures was helped by US-China technology decoupling and the rise of new infrastructure
China IPOs: Regulatory rumblings
China’s Star Market has seen a drop-off in IPOs as regulators call for heightened scrutiny of listing candidates – to the point of asking PE and VC investors to identify the LPs in their funds
LP interview: OMERS
Canadian pension fund OMERS, an established infrastructure investor in Asia, is beginning to make its mark regionally in private equity. Post-pandemic China has provided a foothold
Deal focus: NiKang pursues hard-to-drug targets
With big pharma scaling back early-stage discovery, CBC Group is keen to incubate biotech start-ups developing drugs from scratch. NiKang Therapeutics is the first to secure wider investor attention
Sequoia, Yunfeng lead $228m round for Chinese rice brand
Shiyuedaotian, a Chinese rice brand, has raised RMB1.45 billion ($228 million) in Series B funding led by Sequoia Capital China and Yunfeng Capital. CMC Group and Taihe Capital also took part, as did existing investor GenBridge Capital.
China trucking platform Manbang files for US IPO
Manbang, a China trucking business that claims to be the world’s largest digital freight platform, has filed for a US IPO. The company achieved a valuation of $12 billion in its most recent funding round six months ago.
China's Yingke closes renminbi, US dollar funds
Shanghai-based Yingke Private Equity has raised RMB10 billion ($1.57 billion) for its latest renminbi-denominated fund as well as an undisclosed sum for a third US dollar vehicle.
CDIB, Firstred, Huatai buy China cosmetics packaging business
CDIB Capital has teamed up with Firstred Capital and Huatai International Private Equity Fund to acquire 100% of Chinese cosmetics packaging company Yuga Holdings for an undisclosed sum.
PE-backed JD Logistics raises $3.2b in Hong Kong IPO
JD Logistics, a supply chain solutions and logistics provider that spun out from Chinese online retailer JD.com, gained 3.3% on its Hong Kong trading debut following a HK$24.6 billion ($3.2 billion) IPO.
Glory raises $120m for second China venture fund
China's Glory Ventures has closed its second US dollar-denominated fund at $120 million, with VC-focused fund-of-funds Unicorn Capital Partners serving as the anchor LP.
Netease to spin out PE-backed music streaming business
Cloud Village, a music streaming business controlled by Chinese internet and gaming giant NetEase and backed by the likes of General Atlantic, Boyu Capital, and Yunfeng Capital, has filed for a Hong Kong IPO.