Noah Holdings
China's Ucommune acquired by US-listed SPAC for $765m
Ucommune, a Chinese co-working space operator that failed to get traction with an attempted New York IPO last year, has been acquired by a US-listed special purpose acquisition company (SPAC) at a valuation of $764.9 million.
IDG re-ups in Chinese co-working space provider
Kr Space, a China-based co-working space operator, has received RMB1 billion ($145 million) in a new round led by existing investor IDG Capital and new backers Gopher Asset Management and Yixing Capital.
PE-backed BabyTree raises $217m in Hong Kong IPO
BabyTree, a Chinese parent-focused social networking platform that engaged in a corporate restructuring intended to facilitate an onshore listing but then 12 months later decided to go public in Hong Kong, has raised HK$1.7 billion ($217.3 million) in...
Meituan-Dianping GP closes consumer fund at $300m
Longzhu Capital, a venture capital firm established by Chinese online-to-offline (O2O) services platform Meituan-Dianping, has closed its debut fund at RMB2 billion ($300 million).
PE-backed BabyTree to list in Hong Kong
BabyTree, a Chinese parent-focused social networking platform that has received backing from the likes of Fosun Group and Alibaba Group, has filed for a Hong Kong listing.
China’s Easyhome raises $2b from Alibaba, PE investors
Alibaba Group has joined a group of PE investors to acquire a 36% interest in Beijing Easyhome Furnishing, China’s second-largest home improvement supplies and furniture chain operator, in a deal worth RMB13 billion ($2 billion).
PV Wang to leave China asset manager Noah
Piau-Voon Wang, who joined Chinese wealth manager Noah Holdings last year as co-CIO, will leave the firm at the end of this month.
Noah to buy back Sequoia’s stake in asset management unit
Chinese wealth management firm Noah Holdings has agreed to repurchase Sequoia Capital China’s stake in its asset management unit – Gopher Asset Management - following difficulty in winning approval for the investment.
China project funds: Cut to fit
Project funds have become popular in China on the back of increased demand for PE exposure from corporates and high net worth individuals. It remains to be seen if they have true staying power
VCs commit $65m to China vaccine developer CanSino Biologics
SDIC Fund Management, a GP under China’s State Development & Investment Corporation, has led a $65 million round of funding for CanSino Biologics, a China-based vaccine developer.
Asia fundraising: Retail channels
Private equity firms keen to diversify their LP bases are looking to establish relations with Asia’s high net worth segment, and the private banks and wealth managers who facilitate access to this community
Dual currency fundraising: Servant of two masters
A resurgence in renminbi fundraising has prompted GPs best known for US dollar funds to enter the local currency market. Addressing conflicts of interest in an increasingly complex industry will prove difficult
LPs must address staffing constraints as Asian opportunities multiply
Global LPs targeting increasingly complex opportunity sets in Asia must streamline their activity and employ a range of techniques to reconcile shortages in investment team resources, panelists told the Hong Kong Venture Capital & Private Equity Association's...
Chinese LPs: Untapped potential
Still at an early stage of its development, China’s LP community has minimal exposure to offshore private equity. Institutions with big checkbooks aren’t necessarily the fastest movers
PE-backed ZTO Express raises $1.4b in US IPO
Private equity-backed Chinese logistics operator ZTO Express has raised $1.4 billion in its New York Stock Exchange IPO after pricing its shares above the indicative range. It is the largest US float by a Chinese company since Alibaba Group in 2014.
Sequoia to invest $52m in China's Gopher Asset Management
Sequoia Capital China has agreed to invest RMB348 million ($51.7 million) in Gopher Asset Management, the alternative asset management unit of China’s Noah Holdings.
PE-backed ZTO Express seeks up to $1.3b in US IPO
ZTO Express, a China logistics operator backed by investors including Warburg Pincus and Sequoia Capital, has set a target of up to $1.33 billion for its US IPO.
Outbound fund-of-funds: China's white space
Is channeling capital from Chinese high net worth individuals into offshore private equity the next big opportunity for fund-of-funds providers?
Alibaba Pictures launches $300m TV, movie fund
Alibaba Pictures, the Chinese internet giant’s Hong Kong-listed film and entertainment unit, has launched a RMB2 billion ($300 million) fund that will make movie and TV-related investments.
Gopher, Perfect World launch $300m China media M&A fund
Gopher Asset Management, the PE arm of Noah Holdings, has teamed up with Chinese movies-to-gaming company Perfect World to launch a media and culture M&A fund that has a target of RMB2 billion ($300 million).
Meridian Capital seeks $307m for China VC fund
Meridian Capital, a Chinese technology-focused venture capital firm, is looking to raise RMB2 billion ($307 million) for its latest renminbi-denominated fund.
Q&A: Noah Holdings' Piau-Voon Wang
Piau-Voon Wang, formerly of Adams Street Partners, is now co-CIO of Chinese wealth manager Noah Holdings. He explains why helping Chinese investors go overseas could be the biggest PE opportunity of the decade
Ex-Adams Street partner joins Noah Holdings as co-CIO
Piau-Voon Wang, formerly a partner and head of Asian investments at Adams Street Partners, has been appointed as co-CIO for Chinese wealth manager Noah Holdings.
China cinema ticket sales app Wepiao raises $234m
Wepiao, a Chinese mobile app specializing in movie ticket sales, has completed a Series C round of funding worth RMB1.5 billion ($234 million) led by the government-backed Beijing Cultural Assets Chinese Film & Television Fund.