China Digest: 51zhaoyou raises $150m; CVC picks 25% stake in toll road operator

Photo: Pixabay

China’s e-marketplace for oil and chemicals has received $150 million in series C financing round. Meanwhile, CVC Capital Partners has taken a significant stake in RKE International Holdings via its fourth Asia fund.

Online oil trading platform closes $150m series C

51zhaoyou.com, a B2B oil and hazardous chemicals e-marketplace, has completed a $150 million series C financing round led by the family fund Rainbow Capital and logistics solution provider GLP, according to its announcement on the website.

The company said the round was participated by Tide Capital, Oceanpine Capital and existing shareholders including GGV Capital, DCM, SIG, Sky9 Capital and Yunqi Partners. It appointed Light Source Capital as the chief financial advisor for this financing round.

51zhaoyou.com was founded in 2015 and headquartered in Shanghai. Last year, it closed a $10-million series A round led by DCM Ventures in January and a $31.8-million series B round led by Sky9 Capital in August.

Its main competitors include Mabanaft, Oillink and crude oil traders.

CVC picks 25% stake in China’s toll road operator

Private equity firm CVC Capital Partners (CVC) has acquired 25 per cent RKE International Holdings, a subsidiary of Hong Kong-listed property and infrastructure developer RKI, through its CVC Asia Fund IV with a total investment of HKD2 billion (USD254.8 million).

RKE is a toll road operator in China with a portfolio of five expressways spanning 340 km and strategically located in important economic corridors across four provinces.

William Zen, Chairman of RKE, said in the statement on Thursday that this partnership will help further its expansion opportunities in China and across Southeast Asia.

CVC, founded in 1981, closed CVC Asia Fund IV at $3.5 billion in May 2014, while it recently announced to start raising up to $5 billion for its fifth Asia fund this year.

To date, CVC has secured commitments of over $110 billion from institutional investors and currently has asset under management of $70 billion. The funds managed by CVC are invested in 61 companies worldwide with a combined annual sales of over $60 billion.

Also read:

CVC Capital Partners seeks $4b for fifth Asia fund, hard cap at $5b – Report

 

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.