Understand what moves China tech with us — we roundup what you need to know about the local venture scene every Wednesday 7pm (SGT).
Top IPOs of the week
Cloopen Group | USD 320 million raised during IPO
Debuted February 9 2021 — stock price closed at USD 48, triple the USD 16 offering price.
We’ll be examining Cloopen Group as a case study in Morning Briefing episode 2 on Tuesday, March 2, 9am (SGT). Register for this closed-door session here.
Startups on our watchlist
Grandhonor (高重科技) | Series C
USD 46.45 million raised from investment entities under the municipal government of Qingdao City.
Meishubao (美术宝教育) | Series D+
Edtech startup raised another USD 40 million in Series D+, following its USD 210 million series D just 2 months ago.
Top Stories: VCs and Investments
Hauling butter across North America does not really make for an exciting headline, yet PlusAI’s recent USD 200 million financing tells a different story. Confidence in China’s autonomous vehicle technology continues to grow as Guotai Junan International leads this fundraising round. Wanxiang Group, China’s largest domestic automotive components company by revenue, also participated.
As one of the few Chinese AV startups headquartered in Silicon Valley, PlusAI made waves in 2019 when it successfully piloted level-4 autonomous truck shipments of butter for Land O’Lakes butter, the biggest dairy cooperative in the US. We cover what’s next for the company in the full version of China Venture Roundup.
MNCs in China
Siemen Healthineers, the German medical technology group, announces its strategic partnership with Kingcon Technology. The tie-up with the Jiangsu-based medical device developer aims to introduce advanced laboratory automation devices in hospital emergency rooms.