China Deal Monitor: Maison invests $20m in Sungiven Foods and more updates

Maison Capital has invested $20 million in China’s fresh produce retailer Sungiven Foods, the Chinese PE firm announced in a recent statement on its WeChat official account.

Maison Capital specialises in consumer, healthcare and technology investments.

This is the first funding secured by Sungiven Foods after the company announced in June 2018 to delist from the Chinese over-the-counter exchange, the National Equities Exchange And Quotations (NEEQ), or the New Third Board. The firm was listed on the NEEQ in 2016.

Sungiven Foods, founded in July 2011 and formally known as Xiamen Sungiven Foods Holding Limited, operates as a retail brand providing fresh produce to community residents in China. Besides food retailing, the company is also involved in food wholesale, import and export, as well as food e-commerce businesses.

The company has 98 fresh produce supermarkets, two convenience stores, and three warehouses located at residential areas across Chinese cities including Xiamen, Dalian, Shenzhen and Quanzhou as of October 31, 2019.

The Chinese fresh produce firm recorded a net profit of 1.89 million yuan ($270,003) in 2017, down 85.32 per cent year-on-year, despite registering revenues of 550 million yuan ($79 million) in the year, according to its previous financial report filed with the exchange.

Proceeds will be used to support self-owned brands, and promote the development of its supply chain, retail system and related technologies.

Sungiven Foods also plans to speed up the construction of new stores in southeastern China’s port city of Xiamen where it built the headquarter, while exploring expansion into overseas market with a target to open two stores in Vancouver, Canada within this year.

CHINA DEAL MONITOR

DealStreetAsia has also put together a table listing out all prominent venture capital transactions in the Greater China region on November 5, 2019.

Another deal of equivalent importance is a Series C round raised by Laifual Drive, a Chinese company that develops harmonic drive reducers.

The company raised nearly 100 million yuan ($14 million) from Shenzhen Guozhong Venture Capital Investment, a Chinese government-guided fund with 6 billion yuan ($585 million) in assets under management (AUM), and investment firm Ningbo Lianchuang Yongjun Investment Management.

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)Sector
Sungiven FoodsXiamen20 million -Maison Capital-Consumer & Brands
Laifual Drive Shaoxing14 millionCShenzhen Guozhong Venture Capital Management, Ningbo Lianchuang Yongjun Investment Management-AI & Robotics
ShixianxingShanghai1 millionAngelBuhuo Ventures-Software & Services
Future HubShanghai-Strategic Gobi Partners, Shenzhen Transsion Holdings-Software & Services

 

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.