privatePE Weekly | News and Events in Chinese PE Market (2021.4.19–2021.4.25)

This week (2021.4.19–2021.4.25), PE Weekly covers Fundraising news on PE market.

Fundraising

China’s Wuxi City to Set up $9 Billion Fund of Funds for Biomedicine Industry

23 April 2021 — — Wuxi City, located in eastern China’s Jiangsu province, has given the priority to biomedicine industry on its development agenda. With some 1,000 biomedicine enterprises clustering in the city, Wuxi municipal government has determined to act as a coordinator to set up a CNY 60 billion ($9.2 billion) fund of funds targeting at the investments in biomedicine and other strategic industries. Read more…

Hillhouse Capital Joins Hands with China’s SIPAC to Launch a Fund for Healthcare Industry

22 April 2021 — — China’s Suzhou Industrial Park Administrative Committee has announced the strategic partnership with Hillhouse Capital to launch a CNY 50 million ($7.7 million) fund for healthcare industry in the city. It will focus on the investments in enterprises of all stages in biomedicine, medicine outsourcing, medical equipment and diagnosis as well as medical services. Read more…

China’s CR Capital, COFCO Debut Fund to Raise $308 Million for New Consumption Bets

21 April 2021 — — CR Capital Management and COFCO Capital, two fund management platforms affiliated with state-owned firms in China, have established a joint venture (JV) to launch an industry fund targeting the new consumption sector. The debut fund is seeking to raise CNY 2 billion ($307.9 million). It secured CNY 1 billion ($153.9 million) in the first closing and will focus on investments in growth- and mature-state businesses in China’s private market. Read more…

China’s Listed Aoyuan Beauty Valley Partners with Western Capital to Launch $169 Million Funds for Beauty Industry

21 April 2021 — — Aoyuan Beauty Valley announced the partnership with Western Capital Management Co., to boost cooperation in Chinese beauty market. Two funds will be launched by the two parties in the form of M&A fund and equity investment fund with the total scale of CNY 1.1 billion ($169.4 million). Read more…

Xi’an Welcomes $1.2 Billion Fund for City Renewal Development

21 April 2021 — — Dubbed Shaanxi Xixian Fengdong City Renewal Development Investment Partnership (LP), initiated by Xi’an Fengdong Holdings, has completed the due procedures in AMAC. Targeting CNY 8 billion ($1.2 billion) in total, the fund is now open for qualified investors. The new vehicle mainly invests in sub-funds aiming to promote the renewal projects, infrastructure upgrading in Fengdong New Area or in related equity investment projects. Read more…

China’s Jiaxing City Sets up $770 Million Fund for Biomedicine Industry

20 April 2021 — — Eastern China’s Jiangxi City made an official announcement that a CNY 5 billion ($769.8 million) fund will be launched in a bid to promote the development of local biomedicine industry. The fund aims to encourage industrial innovation and attract leading biomedicine companies at home and abroad to relocate headquarter, R&D center, and manufacturing base into Jiaxing. Read more…

Tencent Pledges $7.7 Billion to Support China Poverty, Environment Initiatives

19 April 2021 — — Chinese tech giant Tencent pledged to invest CNY 50 billion ($7.68 billion) in environmental and social initiatives, a move that comes as China’s internet heavyweights come under intense scrutiny from antitrust regulators. Tencent said its investment would fund initiatives in areas including basic science, education innovation, rural revitalization, carbon neutrality, food, energy, and water provision, assistance with public emergencies, technology for senior citizens and public welfare. Read more…

China’s Smith Adhesive New Material to Co-Launch a $31 Million Fund

19 April 2021 — — Shanghai Smith Adhesive New Material Co., Ltd announced the plan to partner with Nantong Jiale Investment Management Center (LP) to launch a CNY 200 million ($30.8 million) fund to push the boundary of new material exploration outwards in order to find new materials of significance and new medical materials with high added value. Read more…

China’s YOFC Related Companies Set up $77 Million Fund

19 April 2021 — — Yangtze Optical Fibre and Cable JSC Ltd (YOFC), a Chinese communication equipment company, related companies set up a CNY 500 million ($76.9 million) fund to provide private equity investment fund management and venture investment fund management services. Read more…

Guangdong’s Zengcheng District Sets up Guidance Fund I of $62 Million

19 April 2021 — — Guangdong’s Zengcheng District has announced to establish a government-guided fund targeting CNY 400 million ($61.6 million). With the securement from government special funds, revenue, and donations from individuals and enterprises, the fund mainly invests in projects related to new economy and new growth driving force through direct equity investment. Read more…

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