By Bloomberg News
LeEco joins a bevy of startups to have announced fundraising completions as the industry hangs on the verge of a major shake-out. The government is imposing stricter technology standards and considering limiting the number of manufacturers to 10.
The approval of the NZ$261 million ($191 million) deal is an encouraging outcome for Chinese investors, following a high-profile rejection and complaints over the slow approval process.
The funding will used to serve its expansion globally including the US market under the Amazfit Brand.
Keppel Land China and Alpha signed an agreement with Star Champ Development Ltd, a wholly-owned subsidiary of the Chongbang Group, for the transaction. Sparkle Bright owns retail mall Life Hub @Jinqiao.
Chinese VC firm Linear Venture is launching a $70 million dual currency startup fund targeting early-stage ventures that is denominated in both US Dollars and Chinese Renminbi.
“I definitely need more financing because we’re making such a big platform,” Tong said. “But we’re being picky with investors. We don’t want those who tell us every day ‘you must make money tomorrow,’” she added.
Vanke, currently embroiled in a high-profile power struggle, has said that its business operations have suffered as a result of the battle for control.
Sunac will purchase 42 property projects in 16 cities including Beijing, Tianjin, Chongqing and Hangzhou. Legend, is also known for its private equity arm Hony Capital and venture capital firm Legend Capital.
Nanjing dressmaker V-Grass Fashion Co. has an audacious plan to become the Valentino of the Chinese fashion world, and buying a South Korean fast-fashion brand with more than six times as many stores in China is part of its move to get there.
Chinese textile maker Fulida Group Holdings Co. agreed to buy 17 percent of Wellard Ltd., the Australian livestock exporter that has slumped since listing in December 2015.