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Key trends
KrASIA tracked 91 private investments in the past week, with fundraising amounting to RMB 10.86 billion (USD 1.68 billion). We highlight the complete industry and funding round breakdown in the full-version of China Venture Roundup.
Top Stories: VCs and Investments
Beijing-based artificial intelligence (AI) startup 4Paradigm closed its Series D round, raising USD 700 million from investors led by Boyu Capital. This is the single largest private financing deal in China’s AI industry since the beginning of 2020.
4Paradigm provides marketing solutions to banks—including the Big Four state-owned banks in China, which all injected capital in previous rounds—as well as sales prediction services for retailers. Among its customers are also the Chinese Academy of Railway Sciences, DHL, fashion designer Zegna, and Budweiser China.
Top IPOs of the week
BeiGene (百济神州）
Market Cap*: USD 34.15 billion
Completed listing coaching for Star Market IPO
BeiGene has completed its China domestic IPO coaching by CICC and Goldman Sachs Gaohua Securities last week. It will shortly submit its application to debut on the Sci-Tech Innovation Board, also known as the Star Market. If listed, BeiGene will become the first Chinese biotechnology company to be traded simultaneously on NASDAQ, Hong Kong Stock Exchange and Shanghai Star Market.
*As of January 25, 2021
Startups on our watchlist
Consumer
Catlink
Founded in 2017; Seed round
Catlink owns a slew of intelligence health products for household pet cats. These devices include litter boxes, feeders, and drinking fountains, each priced at RMB 1,000–2,000 (USD 154–308). All of its products may be used with a complementary app to enhance functionality.
Since its global launch in September 2019, Catlink’s products have brought in tens of millions of yuan in revenue. Meanwhile, its proprietary app has garnered over 100,000 downloads.
Zhang Xiaolin, founder of Catlink, told 36Kr that pet ownership rate runs at 17% in China. This pales in comparison to the US, where the pet ownership rate is 70%, signaling an opportunity for massive growth.