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Startup Funding Roundup - China (June 25 to July 01)

Jul 3, 2018 by Yun Nie
Startup Funding Roundup - China (June 25 to July 01)

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

Must-Reads in Investments and Acquisitions

On June 26, Jinzhou Jixiang Moly Co Ltd, a Chinese company engaged in mining, smelting, processing, production, and sale of molybdenum products for steel mills, announced to buy 8% stake in China Baidu’s Mobile Network Technology Co., Ltd. (abbreviated as “Baidu Game”) for CNY 96 million (USD 14.61 million). Baidu Game is an independent game company in the mobile assistant business branch of Chinese giant Baidu Group.

On June 27, a China-based mobile live streaming platform Inke planned to go public in Hong Kong aiming to raise as much as HKD 1.512 billion (USD 193 million). The company will offer 302 million shares at the indicative price between HKD 3.85 (USD 0.49) to HKD 5(USD 0.64)per share. According to the filing, Inke will take orders from international investors from June 28 to July 4 and officially launch the initial public offering (IPO) on July 12.

On June 27, KR Space, the Beijing-based co-working space operator, secured USD 300 million in a new funding round. The company is expected to achieve a valuation of about USD 1.3 billion after the latest USD 200 million fundraise.

On June 27, Alibaba’s online healthcare subsidiary, Alibaba Health (HK:0241), injected CNY 454 million (USD 68 million) Into a Shandong-based retail pharmacy Shuyupingmin, taking 9.34% of the pharmacy’s stake.

On June 28, China’s Mashang Consumer Finance, which offers consumer loans services through its third-party mobile apps and platforms, raised CNY 2 billion (USD 300 million) in a new funding round. The strategic fundraising has increased the firm’s registered capital from CNY 2.21 billion (USD 330 million) to CNY 4 billion (USD 600 million), marking it as the largest consumer finance company in China.

On June 28, Shanghai-based cloud service provider UCloud Information Technology announced in a press conference that it secured series-E funding from the telecom operator China Mobile (NYSE:CHL; HK:0941). The two companies will jointly undertake partnership covering technology, products, and share resources, such as cloud computing, big data, 5G, and etc.

On June 29, Wanda Film Holdings, a subsidiary of the Chinese conglomerate Dalian Wanda Group, revealed plans to acquire 96.83% equity of Wanda Media (or Wanda Television Media), which is the film production and distribution unit, from Wanda Investment and other 21 shareholders at a price of CNY 11.6 billion(USD 1.77 billion).

On June 29, the Netherlands multinational corporation—Philips— signed an equity transfer agreement with Guangdong-based smart hardware company Deerma, transferring its water treatment and purification services of Chinese subsidiary to the latter.

On June 29, Chinese Artificial Intelligence (AI) venture Turingdi announced that it closed a CNY 350 million (USD 52.21 million) Series-B round led by investment management firms Zoy Capital, Qianhai Wutong Funds, and others.

On June 29, the auction of Henan Xinfei Electric Appliance Co., Ltd., Henan Xinfei Home Appliances Co., Ltd. and Henan Xinfei Refrigeration Appliances Co., Ltd. (all known as Xinfei) formally dropped the hammer. Kang Jia group, the well-known domestic household appliance enterprise in China, bid at CNY 455 million (USD 67.87 million) and became the 100% equity auction winner.

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

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