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Key trends
KrASIA tracked 101 private investments amounting to more than RMB 10.5 billion (USD 1.61 billion) in the past week. Check out the complete industry and funding round breakdown in the full-version of China Venture Roundup!
Top IPOs of the week
InnoCare Pharma Limited (诺诚健华) | Secondary listing on Shanghai’s Star market
InnoCare Pharma (9969.HK) announced on March 11, 2021, that it will pursue a secondary listing on the Science and Technology Innovation Board, or Star Market, in Shanghai.
Due to the generally higher valuation levels in Shanghai’s capital markets, pundits suggest that companies seeking to list on Star Market have a better chance of obtaining larger amounts of financing at lower cost. In February 2021, the company entered into a private placement agreement with Hillhouse Capital and Vivo Capital, involving around 16.33% of its total outstanding shares at a premium of approximately 8.32%.
Startups on our watchlist
Julive (居理新房) | Series C+
Julive provides prospective homebuyers with comprehensive, professional, and reliable decision-making support throughout the real estate purchasing process. The company employs a team of seasoned consultants who help clients search for and trade properties in a cost-efficient way. On March 11, 2021, Julive closed its RMB 400 million (USD 61 million) Series C+ round led by Tencent and Oceanpine Capital.
Arctic Vision (极目生物) | Series A
Arctic Vision has completed a Series B financing round in excess of USD 100 million. This investment was led by Loyal Valley Capital, with participation from Tencent, Octagon Capital, Dingfeng Biotech Capital alongside others.
The new funds will support the company’s clinical registration functions as well as commercialization endeavors for various products.
Top Investment Story
Founded in January 2012, ChipON is a high-end chip manufacturer that provides solutions for automotive, industrial, communications, and other industries. The company’s core products blend features like ultra low power consumption and robust anti-interference capabilities.
ChipON completed its RMB 300 million (USD 46 million) Series B round last week, involving existing investors such as SMIC, SAIC Capital, Silicon Harbor, and Beyond Moore. Strategic investors from the automobile industry include Wanxiang Qianchao and Sanhua Hongdao, both of which committed to give the fledging company a boost by offering access to upstream and downstream resources.
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MNCs in China
Allianz X, the digital investment arm of the European multinational financial services provider Allianz SE, participated in the USD 75 million Series C financing round of Hong Kong-based fintech company WeLab. The funds raised from this round will help WeLab expand its footprint from Hong Kong to Southeast Asia and across the Greater Bay Area.