By Nguyen Thi Bich Ngoc
The fund will also establish JVs with global consumer brands operating in China to accelerate their localisation as well as internationalisation of Chinese brands.
Byton is backed by China’s retail giant Suning and healthcare services provider Fullshare Holdings.
P.F. Chang’s has about 220 restaurants in the U.S. and dozens more in Mexico, South Korea, the United Arab Emirates and elsewhere.
Nine of the top ten deals in the year came from Asia of which seven were in China, according to a Preqin report.
The round was joined by life science and tech investors Deerfield Management, Baron, Qiming Venture Partners and GV (formerly known as Google Ventures).
Launched in August 2017, Apic Bio is a spinoff from the University of Massachusetts Medical School.
The purchase closely follows Gaw Capital’s acquisition of Ocean Towers, a Grade A office building in Shanghai.
Investors in the fund include Shenzhen Capital Group, Shenzhen City Guidance Fund, UTrust Fund, Shenzhen Huitong Financial Holdings and others.
The latest series C2 round was led by CICC Capital and CLP Group’s health fund and joined by Samsung Venture Investment, Tasly and Ping An Insurance.
Chinese venture funding in U.S. startups crested to a record $3 billion last year, according to New York economic research firm Rhodium Group.