China Creation Ventures-backed Wanka Online goes public in HK, raises $45m

Photographer: Justin Chin/Bloomberg

Android service provider Wanka Online, which is backed by China Creation Ventures (CCV), has officially listed on the Hong Kong Stock Exchange last Friday (December 21), after it raising $45 million in its initial public offering, according to a statement.

CCV invested in Wanka in 2017 the company’s Series B round. Wanka marks the first portfolio company of CCV to tap the public markets.

Set up in 2014, the startup claims to be the biggest ecosystem alliance of Android smartphones, the Mobile Hardcore Alliance (M.H.A).

The M.H.A. is an Android ecosystem alliance established by Wanka in 2014 together with leading smartphone brands in China. Its members accounted for 62.1 per cent of China’s domestic smartphone shipments in 2017, reaching 276 million units.

“The Android ecosystem has huge room for development and growth in terms of traffic value. Wanka has strong power in gathering and discovering new traffic, as well as helping companies fully commercialize the traffic. It plays an important role in building the bridges,” said founding and managing partner of CCV Wei Zhou.

CCV was founded by former Kleiner Perkins Caufield & Byers China (KPCB) managing partner Zhou and his team of many years,  focusing on early stage telecom, media and technology (TMT)-focused investments. In a year since its debut, the firm has raised over $400 million in funding. In July, it closed a new fund at about $200 million.

In 2018, three companies CCV invested in have completed or are in the process of M&A or IPO, and many more have become top players in their industries, it said. Its portfolio includes e-commerce major JD.com and its financial arm JD Finance, online audio platform Ximalaya FM, social networking platform Tan Tan Mobile Social, as well as fintech startups CrediEast and Rong360.

As of press time, Wanka Online is trading at HK$3.05, up 1.67 per cent.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.