This is a preview of KrASIA’s ‘China’s Venture Roundup.’ Sign up here to get the full version straight to your inbox every Wednesday!
Key trends we observed 📊
A total of 80 investments were made during the week of 8 to 15 November — a slight drop from the previous week’s 99 deals. Also, there was a record number of exits: 9 IPOs and 16 M&As. Healthcare and enterprise services remain in investors favour, and we observe a huge uptick in the post-Series D deals with 32 deals closed.
Top stories: VCs and Investments ✈️
China Reform Holdings, Shenzhen International Holdings and Cainiao Smart Logistics (by the Alibaba Group ) invested a total of RMB 4.85 billion in Air China Cargo; supporting the diversification of ownership of the state-owned enterprise with private capital. Through this joint investment, Air China Cargo not only diversified their shareholder base but also implemented an employee stock ownership plan to enhance capital strength.
Sunac Services, property management arm of developer Sunac China, raised USD 370 million and is expected to go public on 19 November, on the Hong Kong Stock Exchange.
Going Public — Top IPOs of the week 🏢
IPO amount: HKD 29.8 billion
Offering price: HKD 47.15 per share
Debut date: 17 November
Jinke Smart Services Group, a Chinese property manager, made its debut on the Hong Kong Stock Exchange on 17 November. It is aiming to pocket up to HKD 6.3 billion from the deal. Jinke has been operating for more than two decades and is a leading name in Southwest China, according to its listing period.
Jinke Smart Services Group was established in 2000. For nearly 20 years, Jinke Services has been expanding into the cities with a focus on customer satisfaction. Jinke Services was recognized as top 10 among the Top 100 Property Management Companies in China in terms of overall strengths for five consecutive years, and has been a top-ranked market player in the Southwestern China, with a satisfaction rate of over 90%.
Startups on our watchlist 🧬💊
Yingsheng Biology: Founded in 2009, Series B
Yingsheng Biology, which focuses on developing clinical mass spectrometry technology, successfully raised its Series B bringing its valuation to several hundred million RMB. The round was led by Hillhouse Capital and joined by CD Capital, Riverhead Capital, Huimei Capital and more.
With the funding, Yingsheng Bio plans to expand its industrial capabilities and its technical team, to build a full range of clinical mass spectrometry products; all to accelerate its market expansion in the field of mass spectrometry.
Fermion Technology (费米子科技): Founded in 2015, Series A
Fermion Technology’s Series A round is valued at hundreds of million RMB. Investors include Panda Capital, Guangzhou Finance Holdings and Tongsheng Capital.
Fermion Technology has developed an AI assisted pharmaceutical technology platform for the development and production of small molecular drugs. Through collaboration with contract research companies and pharmaceutical enterprises, Fermion employs AI capabilities such as deep learning, reinforcement learning, Generative Adversarial Networks, big data and knowledge mapping to improve the efficiency of early research and development of new drugs.
Want to catch up on what’s been happening in China’s venture scene? Check out our earlier volumes of China’s Venture Roundup here.