China Resources Healthcare Group Ltd. is near completion of a back-door listing in Hong Kong via a reverse merger with Phoenix Healthcare Group Co., Ltd., according to a disclosure filing. The transaction, initially announced in April, will see Phoenix Healthcare acquire a unit of CR Healthcare by issuing 463 million new shares at HK$8.04 apiece […]
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Shanghai couples are rushing to get divorced amid speculation that the city may tighten mortgage rules to further cool its housing market. In Jing'an district, 108 couples were divorced in one day, compared to less than ten divorces daily during calmer times. In other districts, divorce quotas are issued to limit the number of divorces. […]
Didi Chuxing, China's largest ride share company, announced a partnership with nearly 50 taxi companies across ten Chinese cities to launch new initiatives geared towards improving their efficiency, according to a company announcement. The news came after earlier media reports pointed to Didi's plans to potentially acquire one or more taxi companies in China. "DiDi […]
As an investor behind both industry leaders Alibaba Group Holding Ltd and Didi Chuxing, GGV Capital has invested in nearly 180 projects in the U.S. and China. Do they measure up compared to the successes of Alibaba and Didi? As a venture firm established in 2000, GGV established a Shanghai office in 2005. In 2008, […]
China Everbright Limited (CEL) and Focus Media Information Technology Co., Ltd. have agreed to establish an new industry investment fund with a targeted fundraising total of RMB5 billion (US$749 million), according to a company announcement. The fund will seek to raise RMB2 billion initially. It will focus on high-growth, early-stage projects in emerging opportunities in […]
Hony Capital has raised its eighth private equity fund with US$2.2 billion in total commitments, lower than previously reported US$2.7 billion, according to parent Legend Holdings Corporation's interim report. At the same time, the report revealed that Legend Capital, the venture and growth capital investment division of parent Legend Holdings, raised RMB3.3 billion (US$495 million) […]
Seeking to capitalize on a proposed government regulation requiring online lending businesses to use electronic signatures, venture capitalists have poured …
A unit affiliated with Chinese aluminum maker China Zhongwang Holdings Ltd. has agreed to acquire Cleveland-based Aleris Corp. from its private equity owners including Oaktree Capital Management for US$2.33 billion including debt, according to a company announcement. The deal, which is being conducted via Zhongwang USA LLC, an investment company owned by China Zhongwang, comprises […]
UOB Venture Management, an investment arm of Singapore's United Overseas Bank Group, has led a RMB200 million (US$30 million) series C round in HunterOn, a Chinese online recruitment start-up, according to a company announcement. Existing investor IDG Capital Partners also participated in the round. Founded in 2012, HunterOn provides a platform connecting recruiters and headhunters. […]
Shunwei Capital has led a series A+ round in SSqian, a DocuSign-like start-up that allows users to sign and management contracts electronically, Chinese media reported. Existing investors Matrix Partners and CDM also participated in the round, which is worth around tens of millions RMB. Launched in 2014, SSqian previously raised RMB7 million in a pre-A […]
Yunfeng Capital, GGV Capital and Stone Capital have joined a new financing round in E-House (China) Holdings Ltd., shortly after the Chinese real estate services firm completed a go-private deal, according to Chinese media reports. Thirteen major Chinese property developers, including Evergrande Group and China Vanke, also participated in the round, which reportedly values E-House […]
David Liu (pictured), head of China and co-head of Asia Private Equity at KKR, is leaving the private equity giant at the end of this year to form a new China-focused investment firm, KKR said in a company announcement. Julian Wolhardt is leaving with Liu to establish the new vehicle. The two executives will become […]
V Capital, a real estate investment fund established by Chinese residential property giant Vanke, is to acquire Shanghai's Central Plaza from private equity firm Carlyle Group for around RMB2.46 billion (US$369 million), according to media reports. This is the first major deal announced by the two parties after they signed a memorandum of understanding for […]
The good old days are gone for bulge bracket banks in Asia. For the past ten years, its investment banking revenue in Asia Pacific ex Japan remained at roughly the same level, while its market share halved from 40% in 2006 to 21% year-to-date 2016, according to data released by Dealogic. (This chart is from […]
Chinese Internet search engine giant Baidu Inc. has decided to end a food-delivering drone project to focus on artificial intelligence, according to remarks made by a company executive in Beijing reported by Chinese media. Lin Yuanqing, senior director at Baidu's Deep Learning Laboratory, said during the China Artificial Intelligence Conference last week that Baidu plans […]
Chinese precision cloud radiotherapy start-up Beijing Allcure Medical Technology has raised a RMB180 million (US$27 million) series A funding round from two RMB investment funds, Zhengheci Capital and Lian Fund, Chinese media reported. Founded by Cheng Zhen, founder of New York Stock Exchange-listed Chinese radiotherapy and diagnostic imaging equipment leasing firm Concord Medical Services Holdings, […]
Ocean Link, a private equity firm founded by former Carlyle Group executive Tony Jiang and hotel veteran Alex Zheng, says it has established a strategic partnershp with Ctrip and global growth equity firm General Atlantic, says a company announcement. Ctrip and General Atlantic both have the right to appoint a director to the board of […]
A total of 63 investments with aggregate deal value of RMB11 billion in the sports sector were recorded during the first half this year, up nearly 300% in terms of deal value compared to the RMB3.6 billion registered for the whole year of 2015, according to data from ChinaVenture. There were 144 investment transactions in […]
Baidu Inc.'s investment department has been lagging behind the market and missed big opportunities due to a lack of coherent strategy and a rigid corporate culture. The failure of Baidu's investment unit to capture future leaders in emerging industries has widened the gap between Baidu and its two peers, Alibaba Group Holding Ltd. and Tencent […]
Chinese genome sequencing firm BGI, previously know as the Beijing Genomics Institute, has led a RMB200 million (US$30 million) series A funding round in Beijing Gene+ Technology, a gene testing and precision medicine start-up, according to Chinese media reports. Shenzhen-based Green Pine Capital Partners and Shanghai Huoshanshi Capital, a venture firm founded by ex-IDG Capital […]