A weekly newsletter summarizing recent activity in the Chinese startup ecosystem.


Internet giants Tencent, Baidu inject $1B in auto portal Bitauto
Bitauto Holdings (2000, Beijing), a leading provider of internet content and marketing services for China’s fast-growing automotive industry, raises $1B in funding led by Tencent Holdings Ltd, Baidu Inc and JD.com. The company seeks to become China’s largest online car financing platform.  


Vanke Invests $440M In Chinese Online Real Estate platform Lianjia
Lianjia (2010, Beijing), a home sales and rental platform, raises $440M in funding led by China’s second-biggest property developer China Vanke Co., Ltd.

CITIC Securities Leads $400M Round In EV Battery Maker Microvast
Microvast Power System (2006, Stafford), an electric vehicle power system solutions provider and a subsidiary of U.S. and China-based Microvast, raises $400M in funding led by CITIC Securities with participation from CDH Investment, National Venture Capital and other unnamed investors.

China’s ClearVue Closes Second Fund At $362M
ClearVue Partners (2012, Shanghai), a Shanghai-based private equity firm, completes the final closing of its second fund ClearVue Partners II, L.P., at $362M. The new fund will focus on investments in the fast-growing consumer market including food and beverages in the Greater China region.

China Creation Ventures raises $220M fund to tap tech, life science segments
A newly established China focussed VC firm China Creation Ventures, raises first fund of $220M to invest in telecom, media and technology sectors. It is led by Zhou Wei, former managing partner at Kleiner Perkins Caufield & Byers China.

Tencent Invests $200M In 58.Com’s Used Goods Trading Platform Zhuan Zhuan
Zhuan Zhuan (2015, Beijing), a used goods trading platform operated under 58. com, China’s largest classified ads site, raises $200M in funding led by Tencent Holdings.

Sailing Capital Leads $60M Round In Chinese AI Firm SenseTime
SenseTime (2014, Beijing), a Beijing-based artificial intelligence startup, raises $60M in funding led by Sailing Capital International, RMB-denominated investment and loan fund created under the support of the Shanghai Municipal Government.

CITIC Joins $36M Series B Round In Chinese Mobile Health Firm More Health
More Health (2015, Beijing), a mobile health management platform, raises $36.3M in Series B led by CITIC Capital and a private equity fund jointly established by the Agricultural Bank of China and the Wuxi government.

China Creation Ventures Leads $16M Round In SME Credit Firm IceKredit
IceKredit (2015, Shanghai), a credit assessment service provider catering to small and medium-sized enterprises, raises $16M in Series A led by China Creation Ventures, a newly founded venture firm established by several former KPCB executives.

Bioventure, Tasly Lead $14.5M Round in Chinese Device Maker POCTech Medical
POCTech Medical (2010, Zhejiang), a manufacturer of portable or wearable medical devices, raises $14.5M in Series B led by Bioventure Investment Management Ltd. and Tianjin-based medicine and healthcare investment fund Tasly Great Health Industry Fund with participation from Northeast China-based Tonghua Dongbao Pharmaceutical Co., Ltd. and existing investor Legend Capital.

Qiming, Legend Lead $14M Series B Round In Chinese Clinic Operator QSICM
QSICM (2014, Xianyang), a community clinic franchise operator, raises $14.5M in Series B led by Qiming Venture Partners and Legend Capital.

HK-based Gravity Supply Chain raises additional $2.5M in venture financing
Gravity Supply Chain (2014, Hong Kong), a cloud-based supply chain and logistics visibility platform, raises an additional $2.5M round of venture financing, bringing aggregate equity funding raises to $7.5M.

Chengwei Capital Leads Series B Round In Chinese Bike Sharing Start-up Hellobike
Hellobike (2016, Shanghai), a Chinese bike sharing startup, raises an undisclosed amount in Series B led by Shanghai-based venture capital firm Chengwei Capital with participation from existing investor GGV Capital.


China’s CMC Capital Buys Stake In US Talent And Sports Agency CAA
CMC Capital Partners acquires a stake in Creative Artists Agency (1975, Los Angeles), a talent and sports agency firm, for an undisclosed amount.

Ant Financial’s Alipay merges with Lazada’s helloPay in consolidation move
helloPay Group (2014, Singapore), a payment platform for e-commerce firm Lazada, has merged with Ant Financial Services Group‘s mobile and online payment platform Alipay, an expected consolidation move after Alibaba’s $1B acquisition of  e-commerce major Lazada last year.

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