Author: Deal Street Asia Online News

More worries for China as sales at mid-year e-commerce festival drop for first time

Sales fell for the first time ever at China’s blowout mid-year e-commerce sales festival as consumers remain cautious about spending as the economy sputters, according to third-party data estimates released on Wednesday. Combined gross merchandise volume (GMV), a widely used proxy for e-commerce sales, reached 742.8 billion yuan ($102.36 billion) across China’s major online platforms during the so… Continue reading More worries for China as sales at mid-year e-commerce festival drop for first time

China regulator vows support for PE-VC firms, overseas listings

An official from China’s securities regulator said on Wednesday that China will boost the development of private equity (PE) and venture capital (VC) funds, but the firms have to be compliant. The regulator will also speed up the filing process for Chinese companies seeking listing overseas, Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission (CSRC), told the annual Lujiazui Forum in Shanghai. “PE and VC funds… Continue reading China regulator vows support for PE-VC firms, overseas listings

GCP-backed Lok Capital holds first close of $276m maiden new energy fund

Lok Capital, a nascent new energy asset management platform in China, on Wednesday, announced the first close of its maiden fund, for which it targets to raise 2 billion yuan ($275.6 million) in total. Officially launched in November 2023 in southern China’s Guangzhou City, Lok Capital counts China’s venture-backed PCG Power and GLP Capital Partners… Continue reading GCP-backed Lok Capital holds first close of $276m maiden new energy fund

China unveils reform measures for tech-focused STAR Market

China’s securities regulator issued eight measures on Wednesday to enhance the reform of the tech-focused STAR Market to drive innovation and the development of “new productive forces”, it said in a statement. The China Securities Regulatory Commission (CSRC) will support “hard tech” companies to list on the board, and improve stock and bond financing mechanism… Continue reading China unveils reform measures for tech-focused STAR Market

Canadian pension fund OTPP trims HK venture growth team, to focus on IndiaOTPP did not disclose the names of the team members who were let go.

Ontario Teachers’ Pension Plan (OTPP), Canada’s third largest pension fund, said it has laid off four dealmakers in Hong Kong on its Asia venture and growth equity investment team, which will now focus on India. OTPP did not disclose the names of the team members who were let go, but three people with knowledge of… Continue reading Canadian pension fund OTPP trims HK venture growth team, to focus on IndiaOTPP did not disclose the names of the team members who were let go.

Chinese chassis control system maker LeeKr secures almost $138m in Series C round

LeeKr Technology has pocketed 1 billion yuan ($137.8 million) in a Series C funding round to fuel its global expansion, according to a company release on Wednesday.  The round roped in a number of state-owned investors including Hangzhou Fuchunwan New City Development Fund, Hefei Construction Investment & Holding, Hefei Baohe Innovation Investment Private Fund Managemen,… Continue reading Chinese chassis control system maker LeeKr secures almost $138m in Series C round

Indonesian digital banking platform Superbank launches on Grab app

Indonesian digital banking player Superbank has officially launched its services on the Grab platform which will allow the super-app’s users and partners to open bank accounts and use it as a direct payment app for all Grab services without installing an additional app, the company said on Wednesday. Superbank offers a 6% annual interest on… Continue reading Indonesian digital banking platform Superbank launches on Grab app

Vodafone sells $1.8b stake in India’s Indus Towers, Airtel ramps up stake

Vodafone Group has sold a bigger-than-planned 18% stake in India’s Indus Towers for $1.82 billion on Wednesday, with local telecom operator Bharti Airtel picking up shares to increase its stake to nearly 50%. UK’s Vodafone, which owns a 21.5% stake in mobile-tower operator Indus, had initially planned to sell a 10% stake but strong investor demand promoted it to nearly double the sale size, a banking source aware of the… Continue reading Vodafone sells $1.8b stake in India’s Indus Towers, Airtel ramps up stake