Good weekend, this is the fifth issue of VC/PE news of 2022 provided by IT Orange for everyone. We continue to take stock of the major events in the venture capital circle, discover the latest investment moves of the giants, observe the VC fundraising vane, and see which new economy companies are becoming unicorns and on the way to IPO - so that you can keep abreast of valuable information and trends in new economy venture capital.
Top news in the past week:
First, the investment actions of the giants
1. Tencent participated in ramen brands, corporate service companies, and African medical companies
Ma Jiyong is a Lanzhou ramen restaurant chain brand, mainly engaged in the operation and brand management of Lanzhou ramen chain stores. Recently, Ma Jiyong has undergone industrial and commercial changes, and shareholders have added Guangxi Tencent Venture Capital Co., Ltd.
Recently, Wangfanxin announced the completion of tens of millions of yuan A round of financing, led by Hillhouse Venture Capital and followed by Tencent. Wangfanxin is an enterprise digital transformation solution provider, based on the application of process mining, mainly providing process visualization, process variation, analysis of process data and other services.
Reliance Health, an African digital healthcare provider, has completed a $40 million Series B round of funding, led by General Atlantic, followed by Partech, Picus Capital, Tencent, and Japanese investment agency AAIC. Headquartered in Lagos, Nigeria and Austin, Texas, U.S., Reliance Health began operating in Nigeria in 2015 and includes fixed-cost healthcare packages, telemedicine, prescription delivery and more.
2. Baidu leads the tide to play project Le see technology
Lejian Technology recently obtained tens of millions of yuan of A-round investment, led by Baidu, and followed by Ningbo Meishan Bonded Port Area Golden Flame Asset Company. Lejian Technology provides pan-entertainment services for serving young people, and its products include online box drawer APP Blind Box Planet, trendy toy sales platform "Yiban Reward GO", online new retail entertainment App cute grab doll, gamification social platform will, etc.
3. ByteDance invests in AI pharmaceutical testing companies
Shanghai Huixiang recently received tens of millions of yuan of A-round investment, including ByteDance, Lenovo Star and so on. Using AI+ inspection and testing technology, Shanghai Huixiang is committed to providing leading laboratory automation and intelligent integrated solutions for biochemistry, medical medicine and safety inspection and testing, and its product range covers intelligent robot workstation systems, full-process inspection and testing laboratory automation, intelligent integrated systems, and supporting automated and intelligent instruments and equipment and related consumables in the field of food safety and drug safety.
4. Ali invests in domestic building block toy manufacturers
Senbao Building Blocks recently completed a new round of financing, with new investors being Alibaba, Toutou Dao Fund and Honghui Capital. Senbao Brick Brand Operation Guangdong Senbao Culture Co., Ltd. was established in 2009, the main plastic toys, headquartered in Shantou Chenghai, set up a brand marketing center in Guangzhou. The company officially entered the field of building blocks in 2013, and now has thousands of employees and 3,000 square meters of production lines and packaging rooms, with more than 6,000 sets of molds. In 2019, Senbao Bricks was authorized to Chinese mainland in the "Cosmic Marketing Ultraman" series and the Chinese mainland and Southeast Asia of "The Wandering Earth", "Emergency Rescue", "Detective Chinatown 3".
5. Xiaomi leads the investment in new energy vehicle suppliers
Zhilu Technology is a new energy vehicle electrical system supplier, the company focuses on the field of electric vehicles in the field of high-power electronic devices, high voltage connection, distribution management technology research and development, production and provide solutions for the vehicle system; services from power batteries, drive motors, three electric technology to vehicle manufacturing, charging and replacing facilities of the entire new energy vehicle industry chain. Recently, Zhilu Technology completed a new round of financing of 100 million yuan. This round of financing is led by Xiaomi, yonghua investment, Yuanhe Holdings, leading venture capital and other institutions to follow the investment, the funds raised will be used for high-voltage connection and high-voltage distribution management solutions research and development investment, expand the scale of production, improve the commercial layout.
Second, major acquisitions at home and abroad that deserve attention
1. Sony Interactive Entertainment acquires game company Bungie for $3.6 billion
Recently, Sony Interactive Entertainment announced a $3.6 billion acquisition of Bungie, the latest in a series of large consolidation deals in the game industry. Founded in 1991 and located in the United States, Bungie focuses on the development of online games, and has developed game products including the sci-fi shooter "Destiny 2" and the first-person shooter "Halo".
2. Duoniu Group intends to acquire Jiuzun Digital Interactive Entertainment for HK$300 million
Jiuzun Digital Interactive Entertainment announced on February 8 that the company has received a takeover offer worth HK$300 million. The actual controller of the buyer, Infinities Global Technology Limited Partnership, is Duoniu Technology Group, a well-known new media technology group in China. According to the data, Jiuzun Digital Interactive Entertainment was established in 2011, the main business is mobile game development, digital media, etc., listed on the Hong Kong stock market in March 2020, the company's revenue in 2020 is 170 million yuan, and the current total market value is about 410 million Hong Kong dollars.
3. BrightChamps acquires Education10x, a children's financial and business educational institution
Education10x is a children's financial literacy education platform in India that focuses on providing personalized finance lessons for children and teenagers aged 8-16 years, and the interactive courses of the program are delivered by financial professionals in a real-time, one-on-one classroom model. Recently, BrightChamps, an online children's programming service provider, announced the acquisition of Education10x.
4. NVIDIA waives the acquisition of ARM
According to people familiar with the matter, Nvidia abandoned the $40 billion acquisition of ARM from SoftBank Group, succumbed to regulatory opposition, and ended what would have become the largest deal in the chip industry. According to people familiar with the matter, SoftBank will receive up to $1.25 billion in "break-up fees" and launch a backup plan to advance ARM's IPO.
Third, VC fundraising venture vane
1. Funds continue to pour into the primary market, and these institutions receive new fundraising
Nokia recently announced a commitment to the $400 million Five Fund of the Nokia Growth Fund (NGP Capital). The Phase V Fund will focus on promising growth companies that develop emerging 5G use cases for industrial and commercial change, fueling Nokia's vision of leading the world's leading technologies and cloud-based transformation. NGP Capital Phase V will invest in innovative companies with strong financial return potential and closely related to Nokia's strategy, and the evaluation of investment projects will be based on the market fit, unit economic effects and technological leadership of products. In addition, the NGP will consider the company's key ESG-related indicators from the perspective of environmental, social and corporate governance.
It is reported that the yuanhe puhua phase III RMB fund completed the final closing, with a total scale of more than 4.2 billion yuan, exceeding 30% of the fundraising. The fund will focus on the whole industrial chain of integrated circuits, mainly focusing on strategic emerging industries such as integrated circuit design, semiconductor materials, equipment, packaging and testing and related applications, and hard technology investment opportunities. The LP of the new fund has more than 25 investors, including Yuanhe Holdings, Industrial Bank, Suzhou Fund, Guofang Fund of Funds, Zhongxin Group, Guohua Life, Meituan, China Merchants Securities and other well-known institutions or enterprises. It is worth mentioning that family offices and high-net-worth individuals are also involved, "they have naturally taken the hard technology track as a track that must be configured."
2. What are the first-line VCs voting for
Recently, Hechuang Technology announced that it has received investment from Sequoia China and Future Qichuang, with a total investment of 225 million yuan. Sequoia China's partner Zhou Kui will serve as a director of Hechuang Technology, and Yibai Capital will serve as the exclusive financial advisor for this round. Hechuang Technology is committed to providing Chinese enterprises with mobile sales management cloud services based on saaS model, launched the "Red Circle Marketing" cloud service software, to solve the management needs of enterprise sales teams in terms of visit planning, customer management, communication and collaboration and data reporting, and to provide industry standardization module solutions based on the characteristics of various industries such as FMCG, agriculture and animal husbandry, medicine, clothing and building materials.
Recently, Beijing Taiqi Graphic Technology Co., Ltd. announced the completion of a $50 million Series A financing, which was jointly invested by Source Code Capital, GGV Source Capital, BAI Capital and Sequoia China. Taiji Graphics will lead the development of the open source infrastructure Taichi programming language, focusing on graphics, compilers, high-performance computing, artificial intelligence and other related technologies.
Recently, integrated circuit chip developer Wanxin Electronic Technology announced the completion of tens of millions of dollars in Series B financing, led by Sequoia China, and followed by Huaye Tiancheng. Zhenxin Electronic Technology focuses on independent research and development of the next generation of high-speed bus communication technology and integrated circuit chip products, which are mainly used in industrial intelligent control, Internet of Things, automotive, communications and other fields, and provide customers with control bus technology and solutions.
Recently, Panda Yunping obtained a Pre-A round of financing, which was funded by Sequoia China Seed Fund, with a financing amount of tens of millions of yuan. Panda Cloud Recruitment is a human resources service provider for batch recruitment of basic positions, including vocational school practical training| + employment of school-enterprise cooperation, HRO (human resources outsourcing), BPO (business process outsourcing), RPO (recruitment process outsourcing) as the mainstay. This round of funds will be invested in the expansion of the company's business team and the research and development of digital recruitment products.
Unino Biotech announced that it has recently completed a Series A financing of RMB 160 million, led by Matrix Partners Venture Capital, and all angel shareholders such as Kaifeng Venture Capital, Northern Lights Venture Capital, Elikon Venture and Chengdu Tianfu International Bio-City Fund participated in this round of financing. Focusing on the development and commercialization of general-purpose cell therapy products, Unino Biotech was established in Chengdu Tianfu International Bio-City in December 2020. This round of financing will be mainly used to further improve EUSENO's unique universal CAR-T cell technology platform CBT-X20, prepare for the Sino-US IND declaration of the core product AT19, and the construction of the company's scientific research and production facilities.
Chenjing Technology, a developer of space intelligent technology, has completed tens of millions of dollars in Series A financing, jointly led by Shanghai Artificial Intelligence Industry Equity Investment Fund and IDG Capital, and co-invested by listed game company 37 Interactive Entertainment and its old shareholder OPPO, Fidelity's own asset investment institutions Eight Roads, BV Capital, Sunwoda Group and Fosun Ruizheng Capital. Chenjing Technology applies spatial computing capabilities and AI technology to connect space, scene, data and users, and superimpose the time dimension to broaden the user's perception boundary.
Recently, the online exhibition and business docking platform Gotin announced that it has received a Pre-A round of financing, this round of financing is led by Hillhouse Venture Capital, and Jade Capital and its old shareholders GSR Venture Capital and Picus followed, with Mumian Capital as the exclusive financial advisor. Founded in May 2020, founder Yue Chen, who previously worked at Coursera and was previously a partner in VeeR VR technology, is committed to assisting organizers in hosting online events and communities through data analysis and recommendation engines.
Fourth, the new unicorn company
In the last week, 2 companies have been promoted to unicorns.
Burnt Fairy Herb/Tea Drink Brand Book also received financing for catering
On February 7, tea brand Shuyi Catering recently received indirect investment from companies such as Absolute Taste Food and Qiaqia Food. The size of this round of financing exceeded 600 million yuan. After the financing was completed, hunan shudaicao and Chengdu Xinjin Yiwu held 2% and 1.6% of the shares in shuyi roasted immortal grass, respectively, and Nuowei Qidingkai held 2.06% of the shares. Based on this calculation, Shuyi Restaurant is valued at 10.6 billion yuan (about US$1.5 billion), and successfully promoted to a unicorn with a valuation of more than US$1 billion.
Founded by Wang Bin in Chengdu in 2007 as "85°Ctea", Shuyi Burnt Xiancao has developed 50 stores in 6 years. At the end of 2016, 85° Ctea was forced to change its name in the face of a complaint filed by the baking brand 85 ° C.
After the name change, Wang Bin took the best-selling single-product roasted immortal herb as the brand's main product, and developed innovative drinks such as Yangzhi Manna Roasted Immortal Herb, Small Taro Round Roasted Immortal Herb, yogurt Roasted Immortal Herb and so on. Shuyi's roasted fairy herb products occupy 1/4 of the menu page, and highlight "half a cup is material", and its price is aimed at the price of mid-range milk tea of 10 yuan to 20 yuan.
The adaptability of roasted immortal grass and a variety of tea, fruits, sparkling water and other materials is also high; in addition, coupled with the ease of procurement of raw materials, the degree of product standardization is high. With the heat of the new tea market, the book also burned immortal herbs quickly opened up the market situation. From 2018 to 2020, the number of stores in Shuyi Burning Immortal Grass jumped from more than 1,300 to 5,000. According to the data of the narrow door restaurant eye, at present, Shuyi Burnt Immortal Grass has 6660 stores, second only to the Mixue Ice City with more than 10,000 stores in terms of scale; and the stores are mainly set up in the new first-tier, second- and third-tier cities, with a unit price of 13 yuan.
The data comes from the narrow door dining eye
However, books also face challenges, the most important of which is the innovation bottleneck that a single category is more likely to encounter. The book is also looking for possibilities other than the burning of immortal herbs in addition to The Harbin Silver category, such as the new thick milk product launched in May 2021 and the orange fruit tea launched during the Spring Festival in 2022.
Indian blockchain company Polygon raised $450 million in funding
Recently, Polygon completed a new round of financing of $450 million, led by Sequoia Capital India. More than 40 venture capital firms participated in the round, including SoftBank Group, Galaxy Digital, Galaxy Interactive, Tiger Global, Republic Capital, and other well-known investors such as Alan Howard (co-founder of Brevan Howard) and Kevin O'Leary (investment guest on ABC's "Chuang Chi Winners"). This is polygon's first large-scale financing since its inception in 2017, and its post-investment valuation is not disclosed.
Polygon is building a scaling solution that includes Polygon PoS, Polygon Edge, and Polygon Avail. This round of funding will help the Polygon team consolidate its leading position in the Ethereum expansion track, improve its competitiveness in the public chain, and pave the way for large-scale use of Web3 applications on Polygon.
Web3 builds on the open source ideals of the early Internet, allowing users to create value, control the network and reap the rewards. Using the scaling solution provided by Polygon, Ethereum will be the cornerstone of the next phase of Web3's development. Sandeep Nailwal, co-founder of Polygon, said, "The disruption of technology didn't start in the Web2 era, and it certainly doesn't stop there. So we were thrilled when the investment firms that had funded Web2 innovation started supporting our Web3 vision. ”
There are currently more than 7,000 decentralized applications (dApps) built on Polygon, making it a major destination for Web3 platforms and developers to gather.
V. IPO Queuing/Listing Dynamics of New Economy Enterprises
1. AsiaInfo Security, a network security software service provider, is listed on the Science and Technology Innovation Board
On February 9, AsiaInfo Security held an initial public offering of shares and listing on the Science and Technology Innovation Board, with a market value of about 11.2 billion yuan on the first day of listing.
AsiaInfo Security was born from AsiaInfo Technology, the first Chinese high-tech enterprise listed in the United States (listed in the United States in March 2000), privatized and delisted in 2014, and then returned to Hong Kong in 2018. In 2015, AsiaInfo announced the acquisition of Trend Micro's China business and the establishment of a new company, AsiaInfo Security, focusing on information security.
At present, AsiaInfo Security has been deeply involved in the network security software industry for more than 7 years, and has technical advantages in the fields of endpoint security, identity security, cloud security, security management, advanced threat governance and 5G security.
With the technological upgrading of China's network security enterprises and the rapid growth of domestic market demand, the size of China's network security market has reached a compound annual growth rate of 23.6% in the past five years, from 20.96 billion yuan in 2015 to 48.92 billion yuan in 2019. At present, the science and technology innovation board has emerged companies in the field of information security such as Qianxin, Anheng Information, and Shanshi Wangke. According to the Frost & Sullivan research report, AsiaInfo Security ranks first in the market share of China's network security software, ranks first in the market share of China's network security telecommunications industry segment, ranks first in the market share of Identity and Digital Trust software in China, and ranks second in the market share of China's endpoint security software.
In terms of revenue, AsiaInfo Security's revenue in 2018, 2019 and 2020 was 873 million yuan, 1.077 billion yuan and 1.275 billion yuan, respectively, and the net profit was 105 million yuan, 163 million yuan and 170 million yuan, respectively.
2. Dongwei Semiconductor is listed on the Science and Technology Innovation Board
On February 10, Dongwei Semiconductor was listed through the registration system of the Science and Technology Innovation Board, becoming the "first stock of charging pile chips" in China, with a market value of about 8.76 billion yuan on the first day of listing. The IPO of Dongwei Semiconductor raised about 2 billion yuan, and the funds will be mainly used for the upgrading and industrialization of super junction and shielded gate power device products, the research and development and industrialization of new structural power devices, the construction of R&D engineering centers and other projects, and will also be used as reserve funds for science and technology and development.
Founded in 2008, Dongwei Semiconductor is a technology-driven semiconductor company focusing on the development and sales of high-performance power devices, focusing on medium and high power applications such as industry and automotive.
The main products of Dongwei Semiconductor include GreenMOS series high voltage super junction MOSFETs, SFGMOS series and FSMOS series medium and low voltage shielding grid MOSFETs. The company's products are widely used in industrial-grade application fields represented by new energy vehicle DC charging piles, 5G base station power supplies and communication power supplies, data center server power supplies and industrial lighting power supplies, as well as consumer electronics application fields represented by PC power supplies, adapters, TV power boards, and mobile phone fast chargers.
According to the prospectus, the revenue of Dongwei Semiconductor in 2018, 2019, 2020 and the first half of 2021 was 153 million yuan, 196 million yuan, 309 million yuan and 320 million yuan, respectively; the net profit was 12.9743 million yuan, 9.11 million yuan, 27.6832 million yuan and 51.805 million yuan, respectively; the net profit after deduction was 18.907 million yuan, 8.158 million yuan, 20.4 million yuan and 48 million yuan, respectively.
During the reporting period, the sales revenue of MOSFET products accounted for more than 99% of the main business income, of which the high-voltage super junction MOSFET products accounted for 81.48%, 80.28%, 80.66% and 74.55% respectively, and the proportion of single product category revenue was relatively high.
Dongwei Semiconductor uses the Formulas model to operate, which outsources the manufacturing links involving more personnel, so the scale of personnel is relatively small. At the end of each reporting period, the total number of employees in the company was 18, 37, 53 and 68 respectively. As of June 30, 2021, Dongwei Semiconductor has a total of 31 R&D personnel, accounting for 46% of the employees.
In terms of equity structure, before the IPO, Wang Pengfei directly held 16.0872% of the company's shares, Gong Yi directly held 13.2791% of the company's shares, Sino-Singapore Venture Capital directly held 7.1248% of the company's shares and indirectly held 15.1834% of the company's shares through origin venture capital, Juyuan Juxin held 9.9512% of the company's shares, and Huawei's investment company Hubble Investment held 6.5913% of the company's shares.
After the IPO, Wang Pengfei directly held 12.0654%, Origin Venture Capital held 11.3875%, Gong Yi directly held 9.9593%, Juyuan Juxin held 7.4634%, Zhongxin Venture Capital held 5.3436%, Hubble Investment held 4.9435%, and SME Development Fund held 3.7317%.
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