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Startups Funding Roundup – China (July 30 To August 5)

Aug 8, 2018 by Yun Nie
Startups Funding Roundup – China (July 30 To August 5)

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

Must-Reads in Investments and Acquisitions

July 30:

• Chowsing Live, the Shanghai-based online pet accessories store, secured CNY 180 million (USD 26.3 million) in Series A funding round from Ares Management and Highlight Capital. Details of how the venture intends to use the funds were not disclosed.

• China’s investment holding company Vanke Property Development Co., Ltd. purchased a 4.9% stake in Debenham Thouard Zadelhoff (DTZ). Vanke’s investment amount is approximately USD 160 million. The two sides will discuss business opportunities in China.

• The business-to-business (B2B) jewelry platform Kuanduoduo, which is similar to Pinduoduo, completed a CNY 160 million (USD 23.4 million) C round financing led by Leaguer Venture Capital and Zhonghe Capital.

July 31:

• Broadcaster Shanghai Canxing Cultural and Broadcast Company revealed that it had raised USD 53 million in latest funding round from tech giants Tencent Holdings and Alibaba Group. According to, Alibaba and Tencent invested CNY 200 million (USD 29 million) and CNY 160 million (USD 23 million) respectively, holding 1.17 percent and 0.94 percent of Canxing’s stake. Both the two investors show interest in Canxing’s content service and may incorporate the Canxing’s output into their platforms.

• The Beijing-based asset management firm Hotnode raised an undisclosed amount in Angel round from the Chinese blockchain giant Node Capital. Hotnode did not reveal how they intend to use the funds.

• Infore Investment Holding Group, Ningbo Puluofei Investment Management and Hualu Culture Industry agreed to sell 17.55% shares in Hualu Baina, a China-based integrated cultural media company, for CNY 1.8 billion (USD 263 million).

August 1:

• ASCH technology, a leading blockchain company in China, announced that it had received a USD 7.5 million investment in its new funding round from Bitmain, one of the largest blockchain and cryptocurrency companies in the world. ASCH will use the funds to research, build teams, and grow a community.

• The Shanghai-based used goods swap app Xiangwushuo closed a USD 65 million Series B+ round led by Sequoia Capital. Other participants include Hillhouse Capital, IDG Capital, GGV Capital, Matrix Partners, ZhenFund and etc. The funds will be used to promote the company’s green and environment friendly business.

• A Chinese B2B petroleum e-commerce company Shanghai Zhaoyou Technology Co. Ltd.disclosed that it had raised USD 150 million in C1 and C2 funding rounds which were led by Rainbow Capital and GLP respectively. Tide Capital, Oceanpine Capital, G7, GGV, DCM, SIG and other investors also participated in the deal. Details of how the company plans to use the funds were not immediately available.

August 2:

• Alibaba-backed Xiaopeng Motors, a Chinese electric car startup, announced the completion of a CNY 4 billion (USD 587 million) Series B+ funding round co-led by Primavera Capital Group, Morningside Venture Capital, and Xiaopeng Motors’ chief executive He Xiaopeng. This round values the venture at CNY 25 billion (USD 3.66 billion). The funds will be utilized to continue independent innovation of the Internet and AI technology.

August 3:

• Ringpai National Chain Veterinary Hospital raised CNY 150 million (USD 22 million) in Series B+ round from Guangzhou YUEXIU Industrial Investment Fund. Ringpai did not disclose how it plans to use the funds.

• China’s cross-border payment platform Easy Pay Chain (EPC) secured USD 30 million in corporate round of financing from Fenbushi Capital. Details of the investment have not been revealed.

August 4:

Bitmain, the digital currency mining company that focuses on mining-centric ecosystem services, has revealed that it had complete an USD 1 billion planned initial public offering (pre-IPO) on the Hong Kong Stock Exchange (HKEX). Investors include Softbank China Venture Capital (SBCVC), China International Capital Corporation (CICC), and Tencent. Details of how the company intends to use the funds were not available.

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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