China Digest: 24Tidy to acquire Bonnych; Hillhouse backs Kaishan

Kaishan, Chinese Baijiu

Sequoia-backed online life service platform 24Tidy is acquiring laundry brand Bonnych while Chinese liquor brand Kaishan has secured 100 million yuan ($14 million) from Genesis Capital, Hillhouse Capital, among others.

Sequoia-backed online life service platform 24Tidy to acquire Bonnych

Sequoia Capital China-backed online life service platform 24Tidy (Shanghai) Network Technology Inc announced that it has entered an agreement to acquire laundry brand Bonnych.

The deal comes two months when 24Tidy acquired Tiantian Laundry (Guangzhou) Co., Ltd for 950 million yuan ($134 million). 

Founded in 2015, 24Tidy has a presence in Beijing, Guangzhou, Suzhou, Chengdu, Nanjing and Wuhan. 

And, Bonnych is a prominent laundry brand in the Southwest China region, having 1,400 stores in Chengdu and beyond.  

In 2014, Sequoia Capital China had invested tens of millions of dollars in 24Tidy’s Series B round.Its other backers include Singapore’s United Overseas Bank, state-owned China Merchants Venture, CITIC Securities, among others. 

Hillhouse Capital backs baijiu brand Kaishan 

Chinese liquor brand Kaishan has garnered 100 million yuan ($14 million) in its Series B round of financing led by Genesis Capital and with the participation of returning investors Hillhouse Capital and Source Code Capital. 

Chinese global investment bank Taihecap served as the financial advisor to the company, Kaishan announced on WeChat. 

Kaishan, which started operations in 2018, largely caters to the younger generation. It integrates e-commerce with brick-and-mortar stores to deliver Chinese baijiu. Led by founder Wei Tang, the company has launched as many as six pipeline products. 

The company will use the corpus to develop sales and marketing network and enhance its brand image.

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.