Source丨IT Orange Cover Picture|Pixabay's IT Orange Weekly Report, updated every Monday, takes stock of the major events worth paying attention to in the venture capital circle, discovers the latest investment actions of giants, observes the VC fundraising vane, and sees which new economy companies are becoming unicorns and on the way to IPO - allowing you to keep abreast of valuable information and trends in new economy venture capital.
Headline news 1.Oriental Selection's well-known anchor Dong Yuhui resigned and flew solo Oriental Selection announced on the Hong Kong Stock Exchange that on July 25, Dong Yuhui has decided to no longer serve as an employee of the company and the senior management of a merged affiliated entity of the company, effective immediately. At the same time, Dong Yuhui (the buyer), Beijing New Oriental Xuncheng Network Technology Co., Ltd. (the seller) and Hui Tong (Beijing) Technology Co., Ltd. (the target company) entered into a sale agreement. Accordingly, the seller agreed to sell, and the buyer agreed to acquire 100% of the equity interest in the target company at a consideration of RMB76,585,500. 2. The CEO and president of Gaoji Health were replaced by media reports that Gaoji Health, a subsidiary of Hillhouse Capital, had sudden personnel changes: Niu Heyi no longer served as the president of Gaoji Health, Li Bo no longer served as the CEO of Gaoji Health, and the new CEO of Gaoji Health was served by Gong Jianjun, who was previously the head of Gaoji Health in East China. A person close to Gaoji Health said, "Gaoji has always been doing things from two factions, Li Bo is in charge of the line, Niu Heyi is in charge of the offline, these two groups of people have different styles and different work goals, so there has been no good synergy." 3. Song Jian, former general manager of Baidu's content ecology, joined JD.com Media, and Song Jian, former general manager of Baidu's content platform and general manager of Baidu's short video, recently joined JD.com and is responsible for JD's short video business. Previously, Song Jian worked at ByteDance, participated in the creation of the Douyin App, and later founded Xiaopaddle Technology and served as CEO, and in September 2020, Baidu acquired Xiaopap Technology, and Song Jian returned to Baidu as the general manager of Haokan Video. In February this year, Baidu MEG (Mobile Ecosystem Business Group) completed a new round of organizational adjustments, announcing that Song Jian had submitted his resignation a year ago, and the content ecology business he was responsible for was taken over by Li Xiaowan, general manager of Baidu APP. 4. Baichuan Intelligent Completes A+ Round of Financing Baichuan Intelligent recently completed the A+ round of financing, and this time it has received investment from state-owned background industrial investment funds including Beijing Artificial Intelligence Industry Investment Fund, Shanghai Artificial Intelligence Industry Investment Fund, and Shenzhen Venture Capital. Founded on April 10, 2023, Baichuan Intelligence is a large-scale model startup founded by Wang Xiaochuan, the former CEO of Sogou, with a total financing amount of 5 billion yuan in Series A, and the post-investment valuation of Baichuan Intelligent has reached 20 billion yuan. 5. Oak Deer Technology received nearly 200 million yuan of strategic investment from JD.com Recently, Oak Deer Technology received nearly 200 million yuan of strategic investment from JD.com and reached a comprehensive strategic cooperation. Oak Deer Technology focuses on the research and development of life service robots, and has created the self-service terminal of Whale Xiaozhu Hotel, the hotel delivery robot Whale Xiaoyuan H2 and H9, and is currently developing and promoting stir-fry robot products. After this financing, Oak Deer Technology will continue to increase its investment in the upstream and downstream industrial chain infrastructure of AI stir-fry robots, and the company will continue to expand the construction of factories, while actively seeking to establish a second production base north of the Yangtze River. It is reported that the company's Meishan Lion AI stir-fry robot product line will also launch the edible oil kerosene detection function.
In the past quarter, the number of new economy private equity investment transactions has shown a stable trend in the cyclical amplitude. According to IT Orange statistics, after the May Day holiday, investment transactions gradually returned to their usual rhythm, with a total of 133 investment and M&A transactions last week.
Last week, the most popular tracks for investors were biotechnology and pharmaceuticals, new energy, medical devices, integrated circuits, new materials, specialized medical care, enterprise IT services, blockchain application technology, etc.
Selected investment and financing cases in the primary market
Big consumption: Recently, Jiangsu Yuji Agricultural Technology Co., Ltd. completed a 50 million yuan B round of financing. The financing was led by Renaissance Capital. Yuji Distillery originated in 2000 from the Yitao Distillery, which mainly produces strong aromatic liquor locally. Artificial Intelligence +: Recently, Whale Robotics completed a new round of financing. Shanghai Sports Industry Fund, jointly established by Shanghai Jiushi Group, Lujiazui Group, Shangwen Investment, Five Star Sports Media and other state-owned platforms, participated in the financing, with a financing amount of more than 100 million yuan. WhalesBot focuses on the field of AI Robot and is committed to providing AI Robot + Edu products to 1.5 billion teenagers around the world. In 2018, Whale released the AI Module building block robot. Canada's NLP model platform Cohere recently announced that it has received $500 million in Series D financing, valuing the company at $5.5 billion. The funding was led by Canada pension fund investment manager PSP Investments, with new investors including Cisco, Fujitsu Japan, AMD Ventures, AMD's venture capital arm, and Canada's export credit agency EDC joining the bandwagon. A few days ago, Baiyun Fund completed its equity investment in Guangzhou Jingxing Huidong Technology Co., Ltd. (hereinafter referred to as "Jingxing Huidong"), and linked up with Guangdong Yueke Fund of Funds Co., Ltd. to realize the landing of Jingxing Huidong in Baiyun Financial Holding Industrial Platform. Jingxing Smart is an intelligent robot service provider with autonomous driving technology as the core. Driven by indoor autonomous driving technology, Jingxing Huidong has independently developed intelligent terminals (AX-KIT), autonomous driving engines (AX-Engine), and AI platforms (AX-Cloud). Healthcare: Recently, Luye Pharma Group, a listed company, announced that its subsidiary, Shenzhen Luye Pharma, has received a strategic investment of up to RMB1.6 billion from Shenzhen Luye Private Equity Investment Fund (the fund manager is Shenzhen Investment Holding Capital). Luye Pharma Group has a series of differentiated product portfolios with high clinical value in the field of oncology therapy, and its main assets include: Liposu, ® Tiandixin ®, Tiandida ® and Zepzelca®. Recently, the value of medical has completed tens of millions of yuan in Series A financing. This round of financing was led by Guangzhou Jiansu Capital and continuously pursued, followed by Hangzhou West Lake Science and Technology Venture Capital, Guangdong Jucheng Assets, etc. The funds from this round of financing will be mainly used for clinical research, product development and certification of smart wearable medical devices for idiopathic scoliosis, R&D and management talent echelon construction, and the construction of offline flagship medical service institutions for adolescents in several central cities. Recently, Guangmai Medical has completed hundreds of millions of yuan in financing, which was led by Shanghai Biomedical Fund and followed by Jiaozi Venture Capital Partnership (Limited Partnership) of SME Development Fund (Chengdu) managed by Oriental Fuhai. Focusing on the research and development of digital molecular imaging equipment, Lightpulse Medical mainly produces personalized molecular imaging equipment and related products, which can be used for the screening and detection of more than 100 diseases. Recently, Xili Technology completed a $30 million Series A financing, which was led by Longpan Investment, with old shareholders CDH Investment, Wuyuan Capital, and Yayi Capital continuing to invest, followed by XtalPi Technology and CMT Research Foundation. This round of investment will be used to further build ReviR's self-developed AI drug discovery platform, VoyageR, and combine AI technology with the ReviR team's rich drug development experience to continue to advance the preclinical and clinical development of the existing Huntington's disease (HD) pipeline and a variety of neurological diseases related pipelines, including peroneal muscular dystrophy (CMT) and amyotrophic lateral sclerosis (ALS). Advanced manufacturing: Recently, New Green Carbon has completed an angel round of financing of 10 million yuan. This round of investment was led by Hong Kong X Technology Fund (HKX), followed by Ronghan Fund and Gaoshi Capital, with Gaoshi Capital as the exclusive financial advisor. Focusing on the research and development of new carbon dioxide conversion and utilization technologies, New Green Carbon provides one-stop comprehensive treatment of circular energy and cement and concrete carbon dioxide mineralization technology solutions around thermal power plants, from fossil fuel coal entering the plant to solid waste treatment after power generation. Recently, Yitiannuo completed tens of millions of yuan in Pre-A round of financing, led by Wuchuang Huagong Fund, followed by China Information Technology Angel Fund, Zesen Capital, Optics Valley Industrial Investment, Baiyunbian Science and Technology Investment, etc. Yitiannuo is mainly engaged in compound semiconductors and silicon photonic wafer-level and chip-level packaging and testing equipment. Recently, Maiju Microelectronics completed the A+ round of financing, led by Qifu, and the old shareholder Xinwangda continued to bless. The financing is mainly used for the research and development of next-generation products and market expansion. Focusing on the field of lithium battery management chips, Maijuwei provides the core chips of a complete end-to-end lithium battery management system solution around the two core technical capabilities of battery safety and battery computing, and the main products are collection front-end, fuel gauge chips, and primary cascade protection chips. For more investment events, please refer to the investment event database on the official website of IT Orange.
Major M&A Case 1.Alibaba Pictures plans to acquire 70% of the shares of Huayi Brothers' subsidiaries for 350 million yuan Recently, Huayi Brothers plans to sign an agreement with Alibaba Pictures to transfer 70% of the shares of Dongyang Meila, the company's holding subsidiary. After the completion of the transfer, Huayi Brothers no longer holds the equity of Dongyang Mera, and the total transfer price of the target equity is 350 million yuan. The projects that Dongyang Meila Media has reserved and developed include the movie "Mobile Phone 2", the movie "Never Forget", the movie "If You Are Honest Do Not Disturb 3", the movie "Beauty Walk", the TV series "12 Confession Letters" and variety shows. 2. Grab announced that it has acquired Chope, an online restaurant reservation platform in Singapore, according to the Singapore Business Times, ride-hailing company Grab announced that it has acquired Chope for an unknown amount and will take over Chope's operations in Singapore, Indonesia and Thailand. IT orange data shows that Chope's investors also include China's Ant Group, which invested in 2021. 3. T-Mobile invests $4.9 billion in joint venture with KKR to acquire MetronetT-Mobile will invest $4.9 billion in a joint venture with private equity firm KKR to acquire Metronet, a fiber optic internet service provider. Metronet is headquartered in Evansville, Indiana, and KKR has been a minority shareholder in the company since 2021. Oak Hill will reinvest in the joint venture to retain a minority stake and, once the deal closes, founder John Cinelli will also retain a minority stake.
The transaction is expected to close in 2025, subject to customary closing conditions and regulatory approvals.
(Source: Zhitong Finance) 4. Guoquan Industry announced the wholly-owned acquisition of Huading Cold Chain Recently, the listed company Guoquan Food Co., Ltd. announced that its controlling shareholder, Shanghai Guoquan Industry, wholly acquired Henan Huading Cold Chain Warehouse Technology Co., Ltd. On the same day, the board of directors deliberated and passed the relevant proposals. Huading Cold Chain and its contacts provide cold chain warehousing and logistics services to the group. 5. KKR acquires Instructure for $4.8 billion, and United States private equity giant KKR Group recently said it will acquire infrastructure for $4.8 billion. In 2020, Thoma Bravo took Infrastructure Holdings private for $2 billion. Subsequently, in 2021, Infrastructure Holdings returned to the stock market through an initial public offering (IPO). Infrastructure Holdings' flagship product is the Canvas learning management system, which competes with educational software products such as Google Classroom, Blackboard Learn and Schoology. Earlier this year, Infrastructure Holdings completed the acquisition of Parchment, an academic credential management platform, for $835 million. For more M&A and exit events, please refer to the M&A event library on the official website of IT Orange.
VC fundraising dynamics1.The first pass of the National Venture Capital (Wuxi) Biotechnology Fund was jointly initiated by the Guoxin Fund of China Guoxin, Wuxi High-tech Zone, and the Municipal Guolian Group, etc., to establish the National Venture Capital (Wuxi) Biotechnology Fund with a total scale of 5 billion yuan. It is reported that after the launch of the National Venture Capital (Wuxi) Biotechnology Fund in Wuxi, it will increase its support for key industries and key enterprises in Wuxi, guide more capital to invest early, small, long-term, and hard technology, deepen cooperation between the central and local governments, actively help regional development, and deeply integrate into Wuxi's economic development and the construction of high-tech zones. 2. AstraZeneca joins hands with CICC Capital to set up a new fundRecently, AstraZeneca CICC (Qingdao) Venture Capital Fund was registered and established, with a fund size of 1 billion yuan, and the executive partner is CICC Capital Operation Co., Ltd. (CICC Capital), and the business scope of the fund is to engage in equity investment, investment management, asset management and other activities with private equity funds (business activities can only be engaged after completing registration and filing with the Asset Management Association of China). In short, the $250 billion giant AstraZeneca has teamed up with CICC Capital to launch a new fund. 3. Ni Lotus Capital is entrusted with the management of a short drama fund Recently, Lingshui Development Control announced the selection results of the Lingshui Short Drama Content Investment Fund Manager under the High-quality Development Fund of Lingshui Li Autonomous County, and the selected fund manager is Ni Lotus Venture Capital (Beijing) Co., Ltd. (Ni Lotus Capital). It is reported that in April this year, the high-quality development fund of the People's Government of Lingshui Li Autonomous County was established, which is also the first county-level high-quality development fund in Hainan Province. The forward scale of the fund is 4 billion yuan, and the first phase is 1 billion yuan. The fund's investment areas mainly cover infrastructure, housing security, ecological environment, regional development, strategic emerging industries, entrepreneurship and innovation, etc. Extended reading: This year, a large number of county governments have poured into the "venture capital circle" 4.Jiangxi has established an agricultural development fund of funds Recently, Jiangxi Provincial Agricultural Development Group Secondary Enterprise Investment Group has added a private equity investment fund - Nanchang Zhennong Xingxiang Equity Investment Partnership (Limited Partnership), with a total fund size of 700 million yuan and a partnership period of 12 years. Further reading: Investment institutions investing in agriculture and rural revitalization 5.An early-stage fund of Sanjiang Capital completed the first pass On July 25, it was reported that the second phase of the biomedical early-stage fund of Sanjiang Capital completed the fund filing and the first batch of paid-in capital contributions were in place. The total scale of Sanjiang Phase II Fund is 200 million yuan, and the first pass is 110 million yuan. The new fund will continue to focus on early-stage project investments in the biomedical industry.
New unicorn 1. Weidu Technology will complete a $200 million Pre-IPO round of financing Recently, Windrose Technology (Windrose) completed a $200 million Pre-IPO round of financing, led by the Belgium sovereign wealth fund (Belgium Federal Holding and Investment Company). Previously, Weidu Technology has raised a total of more than 1 billion yuan, and according to IT orange estimates, after this round of financing, the post-investment valuation has reached 1 billion US dollars. Founded in March 2022, the main domestic team is located in Hefei, Suzhou, Hong Kong, and the European headquarters is located in Antwerp, Belgium. It is reported that Weidu Technology has started IPO-related work in United States this year. For more unicorn lists, please also check out the unicorn club on the official website of IT Orange.
https://www.itjuzi.com/unicorn
New Economy IPOs and Post-IPO Dynamics
1. Logistics giant Lineage listed on the NASDAQ, raising $4.4 billion Cold chain logistics giant Lineage listed on the NASDAQ on July 25, the $4.45 billion IPO valued Lineage at more than $18 billion, the largest IPO in the US since United Kingdom chip design company Arm raised $4.87 billion last September. Lineage is the world's largest thermostatic warehousing real estate investment trust (REIT) with 480 locations in North America, Europe and Asia. Lineage's success is due in part to its bold M&A strategy. Co-founder and co-executive chairman Adam Forste said on a show: "We started out with a single warehouse, but through 116 acquisitions, we shaped Lineage as it is today. (Source: Wall Street News) 2. Greenlink Technology was listed on the Growth Enterprise Market On July 26, Greenlink Technology was listed for the first time, and its share price opened sharply higher, closing at 42.7 yuan per share as of noon, an increase of 101.32%, with a total market value of 17.72 billion yuan. Greenlink Technology is mainly engaged in the research and development, design, production and sales of 3C consumer electronic products, which mainly cover five series: transmission, audio and video, charging, mobile peripherals and storage. From 2021 to 2023, the operating income of Greenlink Technology will be 3.446 billion yuan, 3.839 billion yuan and 4.803 billion yuan respectively, and the net profit attributable to the owners of the parent company will be 297 million yuan, 327 million yuan and 388 million yuan respectively. (Source: Finance)
WeChat has been revised again, and if you don't mark the star, it's easy to miss our push, and you can't see the cover picture. Please also click on the star to receive every new Tweet in time, and we look forward to seeing you every time.