China
China's Pony.ai to receive $50m from Beijing Kunlun Tech
China and US-based autonomous driving technology developer Pony.ai will receive $50 million from listed internet company Beijing Kunlun Tech in a deal that values the business at approximately $1.7 billion.
Sequoia China, HighLight back biotech player Cullgen
Sequoia Capital China and HighLight Capital have led a $16 million Series A round for Cullgen, a biotech company that develops treatments for cancer by targeting previously “undruggable” cellular proteins.
Deal focus: Efficiency by numbers
Chinese big data services provider MiningLamp Software has raised $298 million with a view to expanding into new verticals. The effort will leverage a strong foothold in police and surveillance work
LP interview: HESTA
As demand for private equity grows among institutional investors globally, HESTA is focusing on building its internal unlisted assets expertise to connect with potential fund managers on their own terms
Shiyu Capital closes second renminbi fund at $477m
Shiyu Capital, which focuses on growth-stage investments in Chinese healthcare companies, has closed its second renminbi-denominated fund at RMB3.2 billion ($477 million), beating the RMB3 billion target.
1Q analysis: China malaise
First quarter analysis: China uncertainty hits PE investment; public market instability holds back IPOs; distress strategies underpin India fundraising as commitments to China-focused managers plummet
China distress specialist DCL seeks $500m for US dollar fund
DCL Investments, a China-based distressed debt and special situations manager, is targeting around $500 million for its first US dollar-denominated fund, hoping to leverage renewed interest from foreign investors in this space.
Vision Fund leads $225m round for Hong Kong's Klook
Klook, a Hong Kong-headquartered booking platform for attractions, tours, dining and local experiences, has raised $225 million in an extended Series D round led by SoftBank Vision Fund.
China tech valuations: Unnatural acts
China’s tech sector is gripped by uncertainty, but some GPs will do anything to avoid marking down their portfolios. LPs are entitled to ask whether unicorns are still worthy of a billion-dollar valuation
Chinese cosmetic surgery marketplace files for US IPO
So-Young International, a Chinese online marketplace focusing on cosmetic surgery, has filed to list in the US. PE backers include Orchid Asia, Matrix Partners China, and the Russia-China Investment Fund (RCIF).
KTB leads round for Chinese EV trading platform
China-based Shenma Chuxing, which provides trading services for electric vehicle (EV) and hybrid dealers, has raised $20 million in Series A funding from South Korea’s KTB Ventures and China’s Frees Fund.
China's Harvest Capital hits $446m first close on consumer fund
China-based Harvest Capital, formerly known as Sino-Can Harvest Capital (SCHC), has reached a first close on its new consumer-focused fund at RMB3 billion ($446 million).
China's acquisitive conglomerates: Tables turned
The troubles at China's HNA Group, Wanda Group and Anbang Insurance have removed a once popular exit channel for private equity, but now GPs may see these companies as a source of deal flow
VC-backed Ruhan drops on debut after $125m US IPO
Ruhan, a VC-backed Chinese celebrity incubator that creates online personalities who drive e-commerce activity, slipped 37% below its IPO price on the first day of trading following a $125 million NASDAQ offering.
China's Source Code raises $570m for latest US dollar funds
Source Code Capital, a Chinese VC firm founded by Yi Cao (pictured), formerly a partner at Sequoia Capital China, has closed two new US dollar vehicles at $570 million.
Tencent backs China e-commerce service provider
Tencent Holdings has led a HK$911 million ($116 million) investment in Hong Kong-listed e-commerce service provider China Youzan, with participation by Gaocheng Capital and Greater Bay Area Homeland Investments, operator of the Greater Bay Area Homeland...
Deal focus: Boomplay aspires to become Africa's Spotify
Boomplay has leveraged demand for its Chinese parent's smart phones to become the leading music streaming platform in Africa. Maison Capital and Yunshi Capital were sufficiently impressed to back a $20 million Series A round
Chinese tea shop operator raises $29m
Lelecha, which operates around 35 milk tea stores across China, has raised RMB200 million ($29 million) in a Pre-Series A round of funding led by Vertex Ventures China.
Chinese healthcare data management platform raises $74m
Miaojiankang, a China-based company that provides health data tracking, management, and analysis services through an online platform, has raised RMB500 million ($74 million) in a Series C round from China Pacific Insurance and Xiran Capital.
China-Belarus fund backs Series C for chatbot specialist
The China-Belarus Industrial Investment Fund, an investment vehicle under China Merchants Group, has led a $41 million Series C round of funding for Shenzhen-based Zhuiyi Technology, an artificial intelligence start-up specializing in chatbots.
China success requires trusted partners – Lip-Bu Tan
Lip-Bu Tan, founder of Walden International, advised delegates at Intel Capital’s global summit to prioritize trust in local partners when considering investments in China.
China's foreign investment law: A level playing field?
China’s new foreign investment law appears to make life easier for overseas investors in some areas, but uncertainty remains in others. Industry participants are waiting for more details to emerge in 2020
Deal focus: China's data-enabled Workday
By applying artificial intelligence to human resources management, China's IfChange claims to make recruitment and retention more efficient. The company is now pushing to expand its customer base and product coverage
Asia's lower-tier cities: New horizons
PE and VC players are slowly discovering the investment and business expansion opportunities in the lower-tier cities of developing Asia. Risk-reward calculations are becoming more complex in the process