Miniso purchases 29.4% stake in Yonghui Superstores
Miniso, China’s leading retailer of budget lifestyle items, has entered into share purchase agreements to acquire 29.4% of supermarket chain Yonghui Superstores for RMB 6.27 billion (USD 877.8 million). The transaction will make Miniso the largest shareholder of Yonghui, which operates around 850 supermarkets across China.
Yonghui, a major player in the country’s retail sector, posted approximately RMB 78.6 billion (USD 11 billion) in revenue in 2023.
The acquisition is expected to close in the first half of 2025, subject to regulatory approvals, including antitrust clearance. Miniso plans to leverage this deal to diversify its business into essential goods and optimize its supply chain efficiencies by collaborating with Yonghui.
Blackpanda secures USD 6.7 million to expand across Asia
Blackpanda, an Asian cyber emergency response firm, has secured USD 6.7 million in strategic funding from Singtel Innov8, Gaw Capital Partners, and WI Harper Group, bringing its total Series A funds raised to USD 21.7 million.
The funds will fuel Blackpanda’s expansion across Asia and bolster its IR-1 cybersecurity solution, which offers comprehensive protection from cyber attacks, including incident response and cyber insurance.
The capital comes as Blackpanda integrates its underwriting arm, creating a holistic solution for businesses to manage cyber risks from all angles. With strong backing from various investors, Blackpanda aims to provide affordable, enterprise-grade cyber protection for small and medium enterprises across Asia.
Masdar to acquire Saeta Yield for USD 1.4 billion from Brookfield Renewable
Masdar, the clean energy powerhouse of Abu Dhabi, will acquire Saeta Yield from Brookfield Renewable for USD 1.4 billion. Saeta operates 745 megawatts of wind and solar assets across Spain and Portugal, with an additional 1.6 GW in its development pipeline. Brookfield will retain a portion of concentrated solar power assets.
This acquisition marks Masdar’s growing footprint in Europe, reinforcing its ambitious plan to hit 100 GW of renewable energy capacity by 2030. The transaction is expected to close by the end of 2024, pending customary regulatory approvals.
Recent deals completed in China:
- BioMeta, a Shanghai-based preclinical drug discovery service provider, has secured an eight-figure RMB sum in a pre-Series A funding round led by Huagai Capital. Pharma Resources participated in this round. The funds will be used for business expansion, R&D, and team building. —36Kr
- Zhizi Xiyuan, an artificial intelligence startup registered in Shanghai, has completed an undisclosed angel funding round. —36Kr
- Optorun, a semiconductor technology headquartered in Shanghai, has raised RMB 200 million (USD 28 million) in its Series A funding round. LeadingEdge Capital led the investment, securing a 10.39% stake in the company. Optorun specializes in atomic layer deposition (ALD) and etching technologies. —36Kr
- XinpleTek, a developer of RF frontend chips, has completed a Series A++ funding round, raising close to RMB 100 million (USD 14 million). The CDF Red Brick Fund, Xinyuan Asset Management, and Nuotie Assets co-invested in this round, with Chipai Capital advising the deal. The funds will be used to further the development of RF frontend modules for 4G and 5G networks. —36Kr
- Foammetal New Material, a Yiyang-based producer of advanced materials for power and storage batteries, has secured an eight-figure RMB sum in a pre-Series A round of financing led by Broadstream Capital. The funding will be allocated to expand its production capacity for new anode current collector materials. —36Kr
Qist Bazaar, Doon, Mobee, and more led yesterday’s headlines:
- Qist Bazaar, a buy now, pay later platform serving the Pakistani market, bagged USD 3.2 million in a Series A funding round led by Indus Valley Capital, with participation from Gobi Partners. Bank Alfalah, a banking player in Pakistan, which led the startup’s seed round, also participated.
- Doon, a peer-to-peer car-sharing platform in the Philippines, raised USD 1.5 million in its pre-seed funding round. The raise includes USD 500,000 in equity from a diverse group of angel investors and a USD 1 million debt facility secured through AHG Lab, Doon’s first backer.
- Mobee, a platform for used car transactions in the Philippines, Malaysia, and Indonesia, raised an undisclosed amount in a seed funding round led by Kaya Founders.
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