The Beijing municipal government is in the process to establish a Zhongguancun industry M&A fund-of-funds with targeted fundraising total of RMB30 billion (US$4.5 billion), according to Chinese media reports. The fund-of-funds will pool capital from a mixture of government and private entities, including Beijing Haidian M&A Guide Fund, a Haidian state-owned assets unit, unnamed public […]
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DCM Ventures has closed its eighth flagship fund, DCM VIII, with US$500 million in committed capital, the firm announced yesterday. The new vehicle came after DCM closed a US$170 million Turbo Fund focused on growth stage deals and a US$100 million fund focused on seed stage investments across mobile and emerging platforms during the past […]
Qihoo 360 Technology Co. Ltd. is to be de-listed from the New York Stock Exchange next Monday, one month earlier than a previously expected mid-August closing date for the private equity-backed take-private transaction, according to Chinese media reports. The departure from the New York bourse will mark the end of a 13-months process to complete […]
China Bridge Capital, a financial services firm closely linked to adventurous Chinese Internet company LeEco, has invested RMB300 million (US$45 million) in artificial intelligence-enabled health data mining start-up iCarbonX. Alongside the strategic investment, China Bridge Capital says it plans to establish a special purpose investment fund targeting RMB10 billion (US$1.5 billion) to acquire precision healthcare […]
Tencent Holdings Ltd. has agreed to acquire a controlling stake in music streaming company China Music Corporation to create a dominant player in China’s online-music market, the company announced. The deal values China Music Corp., or Haiyang Yinyue in Chinese, at roughly US$2.7 billion. Tencent will combine its QQ Music with the company's Kugou and […]