Busy readers: here is what happened inside China’s smart money for the week of April 11-15.
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- BVCF (BioVeda China Fund), a Shanghai-based private equity and venture investment firm focused on life sciences, is targeting US$400 million for its fourth U.S. dollar fund and is expecting a first close in a few months.
- Alibaba Group Holding Ltd. and its affiliate Ant Financial announced that they had agreed to invest US$1.25 billion in Shanghai-based food ordering mobile app Ele.me, becoming the O2O (online-to-offline) start-up's biggest shareholder with a 27.7% stake.
- Xiamen-based mobile app developer Meitu Inc. is reportedly raising around US$200 million in a new venture round with a valuation of more than US$3 billion.
- Advantech Capital Partners Ltd., an early-stage venture firm connected to New Horizon Capital, has led a US$32 million series B+ round in Chinese security risk management software developer Hangzhou Tongdun Technology Co., Ltd.
- AVIC Trust Co., Ltd., a division under state-owned Aviation Industry Corporation of China (AVIC), has led a nearly US$300 million series C round of financing in Shanghai-based apartment rental service franchise Mofang Apartments.
- Ucar Group, a mobile app-based chauffeured car service unit launched by Chinese rental car company Car Inc., has raised RMB3.68 billion (US$569 million) in a new round of financing and filed to list on China's New Third Board.
- Greater China-focused hedge fund managers posted gains in March and were up 4.69%, as fresh stimulus came out of China at the beginning of the month injecting more liquidity into the Chinese economy.
- GGV Capital announced the close of a number of new funds totaling US$1.2 billion, bringing the U.S. and China-focused venture capital firm's total asset-under-management to US$3.8 billion across eight funds.
- Piau-Voon Wang, an ex-partner and formerly head of Asian investments at Adams Street Partners, has been appointed as co-chief investment officer at the international operations of Chinese wealth and asset manager Noah Holdings Ltd.
- Chinese brokerage firm Huatai Securities LLC has agreed to acquire U.S. financial services company AssetMark Inc. from its private equity owners Aquiline Capital Partners and Genstar Capital.
- China Growth Capital has led a RMB217 million (US$34 million) series A+ round in Diyi Chedai, a Shanghai-based auto lending O2O (online-to-offline) start-up.
- Warburg Pincus LLC is seeking to list portfolio company Shanghai-based cancer treatment firm Hygeia Medical Service Group on China's New Third Board and eventually plans to move the company to the A-share market via a reverse merger.
- David Li, former head of China at Warburg Pincus LLC, has joined mobile app-based chauffeured car service firm Ucar Group as vice chairman while the company plans an initial public offering this year.
- Asian private equity firm ShawKwei & Partners says it has merged two portfolio companies in Singapore to create a pan-Asia precision parts and product manufacturing business with 14 factories and US$250 million in group sales turnover.
