China Digest: Da Heng Qin to pick WorldUnion stake; Tencent unit backs Shushi

Da Heng Qin has agreed to acquire a 15.90 per cent stake in WorldUnion Corporation for 944 million yuan ($135 million). In a separate development, Beijing Shushi Yunchuang Technology has raised over 100 million yuan ($14 million) in an angel round of financing exclusively from Tencent.  

Da Heng Qin to acquire 15.90% stake in WorldUnion for $135m

State-owned Zhuhai Da Heng Qin Company Limited plans to pick up a total of 15.90 per cent stake in Shenzhen-listed realty service provider WorldUnion Corporation for 944 million yuan ($135 million), according to a company filing with the Stock Exchange of Shenzhen. 

Da Heng Qin has signed an agreement with WorldUnion Corporation’s controlling shareholder WorldUnion Properties Consultancy (China) to conduct the deal in two tranches. Da Heng Qin will buy a 9.90 per cent equity interest from the controlling shareholder for 565 million yuan ($81 million), and it will also acquire the rest of the stake from the shareholder Beijing Huaju Tianxia Network at 379 million yuan ($54 million).

Post the transaction, Da Heng Qin will be a majority shareholder in WorldUnion holding a 15.90 per cent stake. 

The deal has received approval from the local state-owned assets supervision and administration commission. 

Headquartered in Shenzhen, WorldUnion provides integrated property services across 200 cities in China and it got listed in Shenzhen in 2009. State-owned Shenzhen Capital Group had teamed up with Cowin Capital injecting 35 million yuan ($5 million) in WorldUnion’s Series A round in 2007. Its previous backers also include E Fund Management, Greenwoods Investment, and SouFun. 

Tencent invests over $14m in Shushi’s angel round 

Digitalization service startup Beijing Shushi Yunchuang Technology Co., Ltd has garnered over 100 million yuan ($14 million) in an angel round of financing exclusively from Chinese tech giant Tencent’s investment arm Tencent Investment, per a company statement on Wednesday. 

Shushi, founded in 2020 by Dr. Kefeng Li who has had stints with JD.COM, Baidu and Ping An, offers  digital transformation solutions to enterprises.

Tencent Investment is active in the consumer and industrial internet spaces. 

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.