Qiming’s New Pot Of Gold, Tencent, Alibaba Flooding Market With Deals

In more fund news, NIO Capital, linked to innovative, low-priced Chinese electric vehicle maker NIO, is reportedly closing in on a $500 million offshore fund to invest in automotive technologies. It’s part of China’s drive to become the Detroit of electric cars.

Tencent and Alibaba are continuing to lead deal flow in China. Alibaba has led a $717 million investment in an innovative rural China e-commerce platform Huitongda Network. Rival Pingduoduo raised $3 billion earlier in April from Tencent.  Rural e-ecommerce is a hotspot as Chinese tech titans chase the next promising markets.

Tencent co-led a $159 million investment in big data startup MiningLamp, a Series C round. And of course, Tencent is not just investing within the Asian region. Tencent led or participated in over $4 of every $10 invested in games companies worldwide in the 12-month period ending Q1 2018, according to Digi-Capital.

Sequoia Capital China has backed Beijing-based fintech and big data startup 100Credit in a $150 million, Series C funding led by state-owned China Reform Fund Management.  100Credit helps financial service providers manage loans and insurance policies.

Investors are pouring millions into China’s long-term rental housing market. Morgan Stanley led a $100 million infusion in China rental apartment operator QingKe while rival  Ziroom raised $621 million in new funding from Sequoia, Tencent and Warburg Pincus. 

Youdao, an online education spin-off of Chinese gaming company NetEase, has pulled in a $1.1 billion strategic investment from Tsinghua Holdings.

SOUTHEAST ASIA
Turning to Southeast Asia, Funding Societies, a peer-to-peer lender in Southeast Asia, has raised a $25 million series B funding from Softbank Ventures Korea  as well as exiting investors Sequoia India, Golden Gate Ventures and Indonesia’s  Alpha JWC Ventures.