China
Hillhouse leads $418m investment in China's I-Mab
I-Mab Biopharma, a private equity-backed Chinese drug developer that listed in the US as recently as January, has raised $418 million through a private placement.
Sequoia leads Series B for Chinese coffee brand
Saturnbird, a Chinese coffee brand, has raised more than RMB100 million（$14 million) in a Series B funding round led by Sequoia Capital China. Existing backer Frees Fund re-upped.
Deal focus: Shukun stands out from the crowd
Shukun sought to differentiate itself from other Chinese artificial intelligence medical imaging start-ups by focusing on heart rather than lung conditions, but a COVID-19 diagnosis solution has given the company real traction
Chinese drug developer Adlai Nortye raises $100m Series C
Adlai Nortye, a Chinese biopharma player specializing in cancer treatments, has raised nearly $100 million in Series C round led by Hong Kong-listed contrast research organisation (CRO) Tigermed and Shanghai-based Yingke PE.
Carlyle invests $260m in China's Salubris Pharmaceutical
The Carlyle Group has paid about $260 million for a 5% stake in Shenzhen-listed Salubris Pharmaceutical.
China GPs must double down on operational skills - McKinsey
Private equity investors in China must develop new operational capabilities to deliver returns because they can no longer rely on macroeconomic tailwinds to drive growth, according to McKinsey & Company.
Macro, geopolitical concerns not deterring China exits
Private equity investors are seeing significant IPO and exit activity out of China despite macroeconomic and geopolitical uncertainty arising from COVID-19 and China-US tensions, respectively.
Qiming joins Series B for Chinese AI diagnosis player
Shukun, a Chinese start-up that develops artificial intelligence (AI) technology used in the medical imaging diagnosis, has raised RMB200 million in the third tranche of Series B round.
China data centers: Real estate plus
Valuations are rising in China’s data center industry as speculative real estate-style investors flood the market. Experienced players are willing to spend more time building scale
China's Xpeng raises $1.5b in US IPO, soars on debut
Chinese electric vehicle manufacturer Xpeng – which has a string of PE and VC investors – gained 41% on its New York trading debut after raising $1.5 billion in an upsized IPO.
GL Ventures, Gaorong invest $80m in China's Kaikeba
Chinese vocational education platform Kaikeba has spun out from Huike Group and raised RMB550 million ($80 million) in Series A funding led by Gaorong Capital and GL Ventures, the VC unit of Hillhouse Capital.
KKR leads $150m round for China education platform
Huohua Siwei, a China-based children's online education platform specializing in mathematics and science, has raised $150 million in the first tranche of Series E led by KKR.
RA Capital leads round for China's Connect Biopharma
Connect Biopharma, a drug developer based in China and the US, has raised $115 million in Series C funding led by RA Capital Management.
Chinese rocket developer i-Space raises $173m
Chinese commercial rocket developer i-Space - also known as Interstellar Glory Space - has raised a RMB1.2 billion ($173 million) Series B round led by State-owned Beijing Financial Street Capital Operation Center.
PE-backed Ant Group files for Hong Kong, Shanghai IPO
Ant Group, the financial technology affiliate of China’s Alibaba Group, which has raised more than $20 billion in external private funding, has filed for a dual listing in Hong Kong and Shanghai.
China expands registration-based IPO system to ChiNext
Registration-based IPOs - which rely on information disclosures rather than regulatory approvals - have arrived on Shenzhen's ChiNext board following a successful trial on the Shanghai Star Market.
Fashion retailer C&A sells China business to local investor
Dutch fashion retailer C&A has agreed to sell its China business to Beijing Zhongke Tongrong Private Equity Investment Fund.
Chinese robotics player XYZ raises $20m
Source Code Capital has led a $20 million Series A round extension for XYZ Robotics, a Chinese start-up specializing in robotic hand-eye coordination. Other investors include Gaorong Capital and Morningside Venture Capital.
Deal focus: China's Xpeng moves into top gear
Investor appetite for Xpeng grew over the course of 2020 as China's electric vehicle industry showed signs of recovery after a difficult 2019. A $500 million Series C extension was soon followed by an IPO filing
China insurance tech platform Waterdrop receives $230m
Shuidi, a China-based insurance technology platform also known as Waterdrop, has raised $230 million in Series D funding jointly led by Tencent Holdings and Swiss Re Group. Existing investors IDG Capital and Wisdom Choice Global Fund re-upped.
US-China tensions worry tech investors - M&A Forum
Asia technology investors warned that an escalation in US-China tensions that impedes the development of start-ups will ultimately cost end-consumers as well as public market investors.
China drug developer Dizal raises $100m
Chinese drug developer Dizal Pharmaceuticals has raised a $100 million round led by Lilly Asia Ventures, with participation from Sequoia Capital, Trinity Innovation Fund, and Wuxi NewForce Fund.
India-China-US: Byte back
Historically a neutral power, India appears to be siding with the US in a multi-faceted war with China. This could have far-reaching consequences for VC investors and the technology ecosystem
Hillhouse founder emphasizes tech transformation opportunities
The most attractive investment opportunities in a post-COVID-19 world involve helping traditional businesses that have been “victims of the creative destruction of technology” play catch-up, according to Lei Zhang, founder and CEO of Hillhouse Capital.