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China's Venture Roundup
Volume 8 (18 - 25 October 2020)

Happy Tuesday from KrASIA! 

We bring you a new segment to China's Venture Roundup - 'Going Public — Top IPOs of the week'. This new segment will shine the spotlight on China's leading companies as they take their next step forward.

In this issue, we dive into Ant Group’s landmark IPO debut and Yatsen Holding that made history as the first Chinese beauty company to file for listing on the New York Stock Exchange!

Key trends we observed 📊

A total of 85 investments were made during the week of 18 to 25 October; a slight jump from the prior week's 60 deals.

New industry takes the lead with 14 investments (16.5%), beating enterprise services and healthcare. Nevertheless, enterprise services and healthcare have maintained investors favour coming in 2nd and 3rd, with 13 investments (15.3%) and 12 investments (14.1%) respectively.

Breaking down the deal activity by stage, there was an influx of strategic investments, accounting for 34.1% of all transactions, or 29 deals closed. There was also a fair amount of activity for early stage funding, with 14 series A deals (16.5%) and 10 pre-Series A deals (11.8%).

Top stories: VCs and Investments 📖

China's first edutech unicorn, Yuanfudao, successfully raised USD 1 billion for its G2 round, led by DST Global. Yuanfudao has raked in close to USD 3.2 billion alone this year, across three rounds of financing. Yuanfudao is now valued at USD 15.5 billion, roughly five-fold its 2018 valuation of USD 3 billion.

Leading medtech startup, 3DMed Diagnostic
, raised RMB 1.5 billion, marking its second successful financing round after gaining independence from parent group 3DMedicine. This round was led by CITIC Private Equity Fund (CPE). CICC Capital, Haier Biomedical and other new and existing institutional investors also participated in this round. Industry experts predict that 3DMed Diagnostic will attain unicorn status in the near future.

Going Public — Top IPOs of the week 📈 📉

Ant Group
IPO amount: USD 34.5 billion
Offering price: RMB 68.8/ HKD 80 per share
Debut date: 5 November

Ant Group officially announced its impending IPO, set for debut on 5 November, in a dual offering on the Stock Exchange of Hong Kong and the Shanghai stock exchange's STAR market. The Chinese giant would be raising the largest IPO in history, estimated at USD 34.5 billion, overshadowing Saudi Aramco's USD 29.4 billion in December 2019.

Needing little introduction, Ant Group has grown to become one of Asia's tech behemoths synonymous with its founder Jack Ma. China's largest online investment and wealth management platform in China, for consumers and SMEs, it also serves as online insurance service platform. The sheer volume of users (711 million Alipay users recorded in June 2020) and transactions (amounting to RMB 118 trillion) are testament to its stronghold in its domestic market and growing influence in Asia.

Check out our infographic decoding Ant Group's prospectus!

Global Data Solutions Limited

IPO amount: HKD 12.9 billion
Offering price: HKD 80.8 per share
Debut date: 2 November

Global Data Solutions Limited (GDS) builds and it operates data platform in China, and it delivers solutions including modular design and high current density capacity with a large scale data center that provides high performance, carrier-neutrality and rigorous operating standards. With 160 million shares issued, each priced at HKD80.8, GDS' opening valuation totaled HKD 12.9 billion. JPMorgan Chase, Bank of America Securities, CICC, and Haitong International are co-underwriters of GDS.

Founded in 2001, GDS is China's leading high-performance data centre developer and operator. It mainly provides IT services financial and government institutions, and sells their solutions wholesale to third-party leased data centres. At present, GDS serves more than 670 corporates, financial institutions, telecommunications and IT service providers, as well as large domestic enterprises and multinational companies. They also have existing partnerships with tech giants such as Alibaba group, Tencent, Baidu and ByteDance.

Yatsen Holding Ltd
Estimated valuation USD 4 billion
IPO filed on 30 October

Chinese beauty unicorn and Perfect Diary parent company Yatsen filed for US IPO to the US Securities and Exchange Commission on 30 October. This heralds Yatsen as the first Chinese beauty company to list on the New York Stock Exchange. Goldman Sachs, Morgan Stanley, and China International Capital Corporation served as co-underwriters.

Founded in 2016, with the cosmetic sub-brands including Perfect Diary, Little Ondine and Abby's Choice, Yatsen has served 23.5 million DTC customers in the first three quarters of 2020, exceeding the total number of customers in 2019. In terms of financial data, the net income of Yatsen in 2019 was RMB 3.03 billion, a more than three-fold increase compared to 2018's RMB 635 million.

Startups on our watchlist 📢

Enterprise services

Tenxcloud (时速云): Founded in 2014, raised series C1

Tenxcloud is a container cloud Platform-as-a-Service (PaaS) provider focused on cloud native technology; providing customers with cloud storage, integrated software development and IT operations, microservices platform and other product services. This round was led by Beijing Huatai New Industry Investment Fund; final amount has yet to be disclosed.

CEO Huang Qigong said that this round of financing will mainly be used to increase investment in product R&D, market positioning, recruitment and build strategic cooperation with other companies.

Jing Data (鲸准): 
Founded in 2016, raised series B
Jing Data is a finance and technology service platform, focused on China's new economy. It has recently successfully RMB 100 million for its series B funding. This round was jointly led by Lanpu Capital Lanpu Capital and DYEE Capital, and joined by strategic investment by Zhangjiang Venture Capital.

Jing Data plans to utilise the recent investment to refine its data products, expand its coverage in the financial coverage, and develop its industrial innovation services to serve more regional governments with industrial upgrading needs.


Fenxiang Life (粉象生活): Founded in 2018, raised series A

Fenxiang Life, China's leading social e-commerce platform, announced that it had successfully raised tens of millions US dollar for its Series A financing. The round was led by Xiaomi and joined by DCM Ventures.


Sirnaomics (圣诺生物): Founded in 2004; raised series D

Sirnaomics is a bio-med startup that focuses on application of RNA interference (RNAi) technology in new drug creation. They have successfully raised USD 105 million for their Series D. Investors this round includes Walvax Biotechnology Co, Riverhead Capital and existing shareholder Rotating Boulder Fund. Funds raised will be used to further develop the proprietary RNAi drug, focusing on the treatment of cancer, fibrotic diseases, metabolic diseases and viral infections.

Sirnaomics has developed new drugs, utilising chemically synthesized RNAi triggers (short interfering RNA or siRNAs) delivered to target cells in vivo through patented peptide nanoparticles (PNP).

Dindang Kuaiyao (叮当快药): Founded in 2014; raised series B+

Dingdang Kuaiyao is an online-to-offline pharmacy that allows app users to purchase medicine and have it delivered to them. Investors include Taikang Life Insurance, Haier Biomedical, Dragon Gate Investment Partners, Softbank China and other state and corporate institutions.

According to founder Yang Wenleong, the RMB 1 billion raised will be used to expand the company in 10 more locations, covering all of China's first, second and third tier cities by 2021.


Xiaoyang Group (晓羊集团):
Founded in 2016; raised series B+

Xiaoyang Group is a K-12 smart education platform that provides cloud services and Platform-As-A-Service (PaaS) solution for education institutes. It successfully closed its B+ round, raising more than RMB 60 million. Investors for this round include existing investors Yunqi Partners and Ameba Capital.

Xiaoyang Group markets its suite of services as 'three-in-one', encompassing a PaaS solution, a data centre and an application matrix connecting all the available services and products. Their PaaS solution is specially designed to manage course scheduling, optimise registration and provide open source tools and APIs for ease of adoption. The data centre helps schools achieve digitalisation of their stakeholder's data, profiling teachers, students, and classes. The application ecology is a multi-functional, smart education data-driven platform integrated with leading educational products.

Note: KrASIA's 'China's Venture Roundup Volume 8' was adapted from 36Kr's Venture Weekly series

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