Hangzhou-based e-commerce enabler Jet Commerce has completed a Series B round at over $60 million. Separately, Haitai Solar has raised nearly $72 million in its Beijing IPO while Baijiayun has inched closer to its Nasdaq listing.
Jet Commerce closes over $60m in Series B
Jet Commerce, a China-based e-commerce enabler that focuses on emerging markets, announced on Wednesday the completion of a Series B funding round at over $60 million.
The Series B round was jointly led by GLP-backed Hidden Hill Capital, China’s Zhejiang SilkRoad Fund and Jinqiu Capital, which is led by Yang Jie, the former director of ByteDance’s investment department. Hui Capital participated in the deal alongside other investors, including ATM Capital.
The startup closed its Series A funding round in February, raising “tens of millions of US dollars” led by ATM Capital.
Its successful fundraising comes on the back of a rapidly expanding global business that now employs over 1,000 people across China, Indonesia, Vietnam, Thailand, the Philippines, Malaysia, Singapore and Brazil.
Founded in Indonesia in 2017, Jet Commerce has taken its offerings across Southeast Asia over the past five years with the establishment of its headquarters at China’s e-commerce hub Hangzhou in 2020 to further strengthen its regional operations.
The startup assists brands in expanding their e-commerce businesses overseas, offering end-to-end services in six key sectors — strategic consulting, online store operations, integrated marketing, customer service and consumer management, warehouse and logistics, as well as e-commerce technical support. It has partnerships with e-commerce giants such as Shopee, Lazada and Tiktok as well as global brands, including OPPO, DJI, Nivea and Shiseido to name a few.
“Thanks to Southeast Asia’s young demographic structure and increased mobile Internet penetration rate, the scale of e-commerce in Southeast Asia continues to grow rapidly, market prospects are optimistic, and e-commerce ecological opportunities continue,” Oliver Yang, founder and CEO of Jet Commerce, said in a statement.
The fresh capital will help the startup upgrade operational infrastructure, hire more local talent and strengthen its multi-channel network operations. Jet Commerce also looks to improve digital management, the R&D of SaaS systems, and its brand incubation capability.
Haitai Solar raises $72m in Beijing IPO
Haitai Solar, a Chinese provider of new energy solutions and solar modules, has raised nearly 487.1 million yuan ($72.1 million) in its initial public offering (IPO) on the Beijing Stock Exchange.
The company debuted on the domestic bourse on Monday after selling a total of over 53.8 million shares at a price of 9.05 yuan ($1.3) each. Ten strategic investors, including China’s SDIC Strategic Emerging Industry Investment Fund, Shenzhen Danguishun Assets Management and GF Fund Management, collectively subscribed to 16.14 million shares, or about $21 million, in the share sale.
The listing will help the 16-year-old company cement its position in the renewable energy sector, especially across its five focused business lines, including photovoltaic modules, utility power plants, mounting systems, energy storage and hydrogen energy.
The IPO proceeds will go towards funding the R&D and mass production of Haitai Solar’s module projects as well as the expansion of its research centre, as part of the company’s plan to boost its innovation and manufacturing capacity.
The company booked annual revenues of over 4.5 billion yuan ($665.7 million) and 150.4 million yuan ($22.2 million) in profits last year.
Baijiayun moves towards Nasdaq listing
Beijing-based video-centric technology solution provider Baijiayun Limited is moving towards a Nasdaq listing through a proposed business with US-listed plastic films manufacturer Fuwei Films.
Baijiayun, whose venture investors include China’s GP Capital and Cash Capital, in July entered into an agreement to merge with a wholly-owned subsidiary of Nasdaq-listed Fuwei Films as a way to float its shares in the US.
The proposed deal, which is expected to complete in the fourth quarter of this year, will see the existing shareholders of Baijiayun and Fuwei Films own approximately 96.79% and 3.21% of the combined venture, respectively.
The deal is subject to closing conditions such as Fuwei Films’ shareholder approval, continuous listing of Fuwei Films and necessary regulatory approvals, if applicable.
While the transaction details were not disclosed, Baijiayun was previously valued at over 3 billion yuan ($443.9 million) when it raised “hundreds of millions of Chinese yuan” in a Series C round in July 2021. VM Capital, a growth equity fund backed by Chinese private educational service provider New Oriental, was the investor in its Series C round.
The deal marks the latest move by a Chinese company like Baijiayun to “explore alternative methods to access the US capital markets”, said Linklaters’ corporate partner, Xiaoxi Lin, who is advising Baijiayun on the planned listing.
In the wake of geopolitical risks and a global market slowdown, the first half of 2022 only saw three US listings by Chinese companies, representing a significant drop of 92% from 38 such listings in H1 2021. In total, the three IPO issuers raised $80 million, only a fraction of the $14.3-billion proceeds raised during the same time last year, according to consulting firm Deloitte.