China
Start-up banking: Filling an SVB-shaped hole
Silicon Valley Bank was arguably the only institution globally to comprehensively service the unique banking needs of start-ups. In its absence, a mix of players are rising to the challenge
Deal focus: Serving coffee at scale in China
M Stand has added another twist to China’s coffee chain growth story, rooting its value proposition in offline experience and leveraging online capabilities to achieve speed and efficiency
China electronics materials supplier raises $70m
China’s Fuyang Sineva Material Technology, a specialist in light-sensitive polymers called photoresists, has raised about CNY 500m (USD 70m) in Series D funding led by Peak View Capital.
CDH, Oriza-backed CSI Solar enjoys strong Star Market debut
CSI Solar, a Chinese renewables business backed by CDH Investments and Oriza Holdings, increased 18% in value on its first day of trading following a CNY 6bn (USD 840m) IPO.
Bain seeks delisting of Chindata within three years of listing
Bain Capital has submitted a USD 2.9bn take-private bid for Chindata Group, a largely China-focused data centre operator that it assembled through a buy-and-build and took public in October 2020.
CDH leads $52m round for China's Boss Digital
The venture-growth unit of China's CDH Investments has led a CNY 370m (USD 52m) round for Boss Digital Procurement Technology Development, a subsidiary of Shenzhen-listed Fujian Boss Software.
Monolith closes debut China VC fund on $264m
Sequoia Capital China spinout Monolith Management has closed its debut venture capital fund at USD 264m, surpassing the hard cap of USD 250m.
China AI player Mobvoi files for Hong Kong IPO
Mobvoi, which claims to be China’s largest revenue-generating artificial intelligence (AI) company focusing on content generation, has filed for a Hong Kong IPO.
Sequoia shifts to independent partnerships, separate brands
Sequoia Capital’s China and India-Southeast Asia VC operations will be renamed HongShan and Peak XV Partners, respectively, as they formally separate from the US entity and become independent partnerships.
Deal focus: Prosperity7 supports gradual ascent to L4
Saudi Aramco-owned Prosperity7 Ventures has made two investments in Hyperview this year, based on appreciation for the company’s commercially oriented approach to autonomous driving
China's first US-listed SaaS company forced to delist
The New York Stock Exchange (NYSE) has suspended trading of China’s Cloopen and will apply to delist the software-as-a-service (SaaS) provider due to a failure to file its annual reports.
Canadian pensions retreat from China
Caisse de depot et placement du Quebec (CDPQ) is the latest investor identified as part of an apparently sweeping reduction of Canadian pension fund exposure to China.
Little Red Book invests in PE-backed Chinese coffee chain
M Stand - a China-based coffee shop chain with ambitions to become the Starbucks for China's younger generation - has raised an extended Series B round of several hundred million renminbi led by local social commerce platform Little Red Book.
DCP agrees carve-out of Cargill's China poultry unit
DCP Capital has agreed to buy the China-based poultry business of US-headquartered food and agriculture corporation Cargill for an undisclosed sum.
Baidu launches $145m China AI fund
China-based technology giant Baidu has launched an artificial intelligence (AI) fund of CNY 1bn (USD 145m) that will focus on generative AI companies.
Investor caution, bid-ask spreads hold back China secondaries
Secondaries investors see a lot of potential GP-led deal flow coming out of China, but completion rates are being held back by caution among buyers and a reluctance among sellers to compromise on valuations.
HSBC commits $3bn to Greater China venture debt fund
HSBC has earmarked USD 3bn for a Hong Kong and mainland China start-up lending programme. It marks the bank’s first foray into venture debt in Asia.
Australia's Real Pet Food taps investors for equity injection
Hosen Capital, New Hope Group, and Temasek Holdings have led a AUD 248m (USD 161.2m) equity injection into Australia-based chilled pet food supplier Real Pet Food to pay down debt and support growth.
China energy storage player Fox ESS raises $141m
Fox ESS, a China-based energy storage company also known as Maitian Energy, has raised CNY 1bn (USD 141m) in a pre-IPO round led by Ori-mind Capital at a post-money valuation of more than CNY 10bn.
SAIC invests $382m in China solid-state battery player
China’s QingTao Energy Development, a VC-backed developer of solid-state lithium battery technology, has raised CNY 2.7bn (USD 382m) from local auto giant SAIC Motor.
Primavera closes fourth China fund on $4bn
China-based private equity firm Primavera Capital Group closed its fourth US dollar-denominated fund in February on target at USD 4bn.
HighLight updates final close timeline for China healthcare fund
HighLight Capital, a Chinese life sciences investor, has pushed out the final close on its fourth US dollar-denominated fund to the third quarter amid challenging fundraising conditions for the industry.
Deal focus: U Power wins backing for EV turnkey proposition
China’s U Power has developed an integrated chassis as a cost-effective foundation on which electric vehicle makers can build their own creations. Government and independent investors are piling in