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      2023-china-216x305
      Regional Reports

      The reports review the year's local private equity and venture capital activity and are filled with up-to-date data and intelligence on fundraising, investments, exits and M&A. The regional reports also feature information on key companies.

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Hillhouse Capital Management

hkma-yichen-zhang
Lower valuations, less leverage could drive China PE returns - HKMA Forum

China private equity could deliver some strong vintages relative to other markets given falling valuations, a deepening pool of management talent, and a historical emphasis on driving returns through growth rather than leverage, industry participants...

  • Greater China
  • 09 November 2023
man-box-delivery-parcel-logisitcs
PE-backed J&T Express raises $499m in Hong Kong IPO

J&T Global Express, an express delivery business that launched in Indonesia and expanded region-wide, traded flat on debut following a HKD 3.9bn (USD 499m) Hong Kong IPO.

  • Southeast Asia
  • 30 October 2023
driving-car-smart
China carpooling player Dida revives Hong Kong IPO bid

Dida, a PE-backed Chinese car-pooling and ride-hailing platform, has filed to list in Hong Kong – for the fourth time in three years. There are records of lapsed registrations from 2020, 2021, and earlier in 2023.

  • Greater China
  • 31 August 2023
beach-sunset-offshore-cayman
Hillhouse buys offshore corporate services unit from Harneys

Hillhouse Investment, the buyout and growth capital unit of Asia-based Hillhouse Group, has agreed to acquire the fiduciary services business of global offshore law firm Harneys.

  • Buyouts
  • 09 August 2023
saas-software-enterprise-service
VC investors primed for exit with China Youzan reorganisation

Hillhouse Capital and Matrix Partners China are set for liquidity events after China Youzan, an e-commerce software-as-a-service (SaaS) business listed in Hong Kong, agreed to take full control of its key subsidiary for HKD 2.6bn (USD 334.5m).

  • Greater China
  • 25 May 2023
driving-car-smart
Bosch backs China’s AutoCore.ai

Bosch Ventures and Boyuan Capital - both investment units of Germany-headquartered engineering and technology giant Bosch Group - have joined a Series A extension for Chinese automotive systems software supplier AutoCore.ai.

  • Greater China
  • 16 May 2023
lalamove-logistics-delivery
Logistics start-up Lalatech pursues Hong Kong IPO

Lalatech Holdings, the parent company of Hong Kong delivery platform Lalamove, has filed for an IPO in Hong Kong. This would represent a liquidity event for the likes of Hillhouse Capital, MindWorks Ventures, and Shunwei Capital.

  • Greater China
  • 03 April 2023
healthcare-lab-pharma-drug-biotech
China's Structure Therapeutics soars on US debut

Structure Therapeutics, a China and US-based drug developer specialising in novel oral therapeutics, performed strongly on its trading debut following an upsized USD 161.1m NASDAQ IPO.

  • Greater China
  • 06 February 2023
cat-pet
Hillhouse-backed China pet services business seeks US listing

New Ruipeng Pet Group, a China-based pet care services platform that counts Hillhouse Capital as a significant shareholder, has filed for an IPO in the US.

  • Greater China
  • 27 January 2023
car-t-cell
China cell therapy developer raises $75m

Iaso Biotherapeutics, a Chinese cell therapy developer focusing on oncology treatments, has raised nearly CNY 500m (USD 75m) in an extended Series C round.

  • Greater China
  • 26 January 2023
semiconductor-chip-pcb-circuit-board
Capcon Semiconductor raises $50m

Hillhouse Capital, Cowin Capital, Chengchuang Capital, and SAIC Motor Corporation's Shangqi Capital have participated in a USD 50m extended Series B round for Capcon, a Chinese-founded supplier of semiconductor assembly and packaging equipment.

  • Greater China
  • 12 January 2023
solar-panels-2
Cloudview leads $221m round for China solar panel maker

China’s Cloudview Capital has led a CNY 1.5bn (USD 221m) Series B round for Astronergy, a solar panel manufacturer based in Zhejiang province.

  • Greater China
  • 09 January 2023
Hillhouse buys Australia CRO George Clinical

Hillhouse Capital has agreed to buy George Clinical, an Australia-based clinical research organisation (CRO) with a global footprint, for an undisclosed sum.

  • Australasia
  • 12 December 2022
lifestyles
Chinese investors sell international assets of condom maker LifeStyles

A Chinese investor group featuring several private equity firms has sold the non-China assets of LifeStyles Healthcare, a global sexual health and wellness platform best known for the Lifestyles condom brand, to US-based Linden Capital Partners.

  • Greater China
  • 05 December 2022
skin-care-face-treatment
China's Giant Biogene trades up after $70m Hong Kong IPO

Giant Biogene, a China-based producer of skin treatments that use bioactive ingredients, gained nearly 10% on debut following a HKD 549.4m (USD 70m) Hong Kong IPO.

  • Greater China
  • 08 November 2022
seed
Hillhouse launches China incubation unit

Hillhouse Capital has introduced an incubation strategy that is intended to support China-based start-ups from incubation through the seed stage.

  • Greater China
  • 06 October 2022
avcj-220928cvr-72
Weekly digest - September 28 2022

  • Region
  • 28 September 2022
software-code-face
Prosperity7 backs China-founded unstructured data specialist Zilliz

Prosperity7 Ventures, a venture capital fund established by Saudi Arabia state oil giant Saudi Aramco, has led a USD 60m Series B extension for China-founded open-source software developer Zilliz.

  • Greater China
  • 25 August 2022
Hillhouse reaches first close on China carbon neutrality fund

Hillhouse Capital has reached the first close on its debut renminbi-denominated carbon neutrality fund, which has an overall target of around CNY 4bn (USD 597m).

  • Greater China
  • 20 June 2022
logistics-shipping-container
China's JD Property closes $800m Series B

Warburg Pincus and Hillhouse Investment have re-upped in JD Property, the infrastructure property asset management arm of Chinese e-commerce giant JD.com, as part of a USD 800m Series B round.

  • Greater China
  • 29 March 2022
PE-owned Belle Fashion files for Hong Kong IPO

China’s largest women’s footwear retailer Belle Fashion, which is backed by Hillhouse Capital and CDH Investments, has filed for a Hong Kong IPO with a reported target of USD 1bn.

  • Greater China
  • 22 March 2022
dollar-money-puzzle-jigsaw
China VC: Funding puzzles

Late-stage investors are appearing in earlier funding rounds in China, offering premium valuations but potentially leaving start-ups in situations where they have too much too soon

  • Greater China
  • 02 March 2022
xi-xu-sobot
Deal focus: Sobot’s journey from underdog to top dog

A USD 100m Series D confirmed Sobot’s status as a stalwart of China’s customer service software space, but getting there has not been a straightforward process

  • Greater China
  • 23 February 2022
AVCJ Awards 2021: Deal of the Year – Large Cap: China Biologic

For Centurium Capital, China Biologic was no ordinary take-private. It was the culmination of a multi-year effort to tighten the company’s shareholding structure and root out management inefficiencies

  • Greater China
  • 23 February 2022
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