China Central Huijin Investment Ltd. is to appoint Bai Tao, a vice president at China Life Insurance Co., Ltd., as its general manager, Caixin Media reported citing people familiar with the matter. The appointment, yet to be officially announced, came one year after former Central Huijin general manager Xie Zhichun resigned. Xie was also the […]
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A unit of Suning Commerce Group has made an undisclosed strategic investment in Shenzhen-based virtual reality camera maker, Insta360, with an eye to help sell the company's products via its online and offline channels. The news follows the completion of a series B funding round worth several hundred million RMB in April, led by Chinese […]
LeEco's smart car business has taken a solid step forward, as the company and the Zhejiang provincial government jointly announced plans to build a car plant and an automobile tourism destination with an expected RMB20 billion (US$3 billion) total investment. The project, to be located in a mountainous area named Moganshan in Zhejiang in eastern […]
Ucar Group, a mobile app-based chauffeured car service unit launched by Chinese rental car firm Car Inc., saw losses increase 74%, or RMB1 billion (US$150 million), during the first half to RMB2.37 billion (US$356 million), according to a newly released half-year report (in Chinese). The offshoot of Car Inc., backed by Warburg Pincus LLC, Legend […]
Cainiao Network, Alibaba Group Holding Ltd.'s logistics affiliate with backings from Singapore's GIC and Temasek Holdings, has seen losses expand nearly four times during the second quarter, Alibaba's quarterly results showed. Cainiao recorded RMB227 million in losses during the second quarter, compared to RMB59 million during the same period last year and RMB94 million the […]
TPG has named Sanghoon Lee as a partner at the global private equity giant, responsible for leading TPG Capital Asia’s investment activities in South Korea, the firm announced today. Lee most recently served as managing director and head of Korea for Morgan Stanley Private Equity. Before joining Morgan Stanley in 2010, Lee was with Merrill […]
Bertelsmann Asia Investments (BAI) has led a series A funding round in Chinese movie commentary and content platform Dushe, with participation from existing investors Neowing Venture Captial and Yonghua Capital, according to Chinese media reports. The round reportedly values the movie content producer at RMB300 million (US$45 million). The investment value was not disclosed, but […]
Los Angeles-based private equity firm Platinum Equity, LLC has agreed to acquire two Chinese businesses from Singapore's investment holding firm, Broadway Industrial Group Ltd., according to a company announcement. The companies being acquired include Foam Plastic Solutions, a supplier of protective packaging, insulation and component products to the consumer electronics, automotive, and medical markets, as […]
Lilly Asia Ventures has led a US$20 million series A financing round in Singlera Genomics, a non-invasive genetic testing company based in La Jolla and Shanghai, according to an announcement. Green Pine Capital Partners, CDBI Partners and other investors also participated in the round, which will be used to help Singlera expand the commercialization of […]