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Startup Funding Roundup - China (June 19 to June 24)

Jun 28, 2018 by Yun Nie
Startup Funding Roundup - China (June 19 to June 24)

‘Startup Funding Roundup’, the weekly report prepared by The Passage team provides detailed information about venture capital financing, fundraising, investments and acquisitions in China.

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Must-Reads in Investments and Acquisitions

On June 19, JD.com (NASDAQ:JD), one of the largest B2C online retailers in China, has boosted its stake in the leading online discount retailer Vipshop Holdings (NYSE:VIPS) to 6.8%, according to itjuzi.com.

On June 20, the Chinese smart (or AI) chip giant, Cambricon Technologies, has secured an undisclosed amount in its Series-B funding round, with investments from include China’s state-owned Capital Venture, SDIC Venture Capital, China Capital Investment Group, Alibaba VC & Lenovo Capital among others, according to Crunchbase data. The Series-B funding round has left the company with a valuation of USD 2.5 billion.

On June 21, VIPKID, the leading online education companies, has announced that it has closed a USD 500 million Series D+ round led by investment management firms Coatue Management, Tencent, Sequoia Capital and Yunfeng Capital. VIPKID was valued at over RMB 20 billion after Series D+ funding round.

On June 22, China’s Mavericks Entertainment, an independent film distributor focusing on niche genres, has officially claimed that it has raised hundreds of millions in its series-A financing. The company attracted widespread attentions thanks to the Chinese web show Produce 101.

On June 23, the Chinese online classified market place 58.com has announced to invest CNY 1.068 billion (USD 164.2 million) in domestic housing market dealer 5i5j and acquire 8.28% stake in the venture.

On June 23, China Pacific Life Insurance Co., a subsidiary of China Pacific Insurance Group, has confirmed that it signed an agreement and invested CNY 1.6 Billion (USD 246 million) in Alibaba’s affiliate Ant Financial (formerly called Alipay).

Yun Nie

Yun Nie is a New York-based tech reporter. She focuses on India-China financial market, global IT giants and technology-centric market trends. She can be reached at Yunnie@thepassage.cc.

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