China Digest: Dearer nets $65m; Temasek backs Abiochem

Chinese contact lens maker Dearer and Abiochem Biotechnology have raised funding.  

Dearer nets $65m in Series B

Shanghai-headquartered contact lens manufacturer Dearer has raised 420 million yuan ($65 million) in a Series B round of financing. 

State-backed alternative asset manager CITIC Private Equity Funds Management (CPE), Legend Holdings’ investment arm Legend Capital and BioTrack Capital joined the round. Insight Capital made a follow-on investment in the round. 

The company will use the proceeds for R&D and mass production of coloured contact lenses, the company said in a statement. 

Its early-stage investors include Orient Securities, Borchid Capital,  FOF Capital and eyecare service provider Eyebright. 

Temasek invests in Abiochem 

Chinese genetic and enzyme engineering technology company Abiochem Biotechnology Co Ltd has raised nearly 300 million yuan ($46 million) in a Series C round financing from Singapore’s state investor Temasek and China Merchants Bank’s Hong Kong-based subsidiary CMB International, according to a company statement on April 30. 

The current round brings the total corpus secured by Abiochem to nearly 700 million yuan ($108 million). 

Abiochem will use the proceeds to spruce up the development of biologics, as well as to facilitate the manufacturing facility in Southwest China’s Chongqing. 

Abiochem, which is targeting an initial public offering on the Shanghai bouse, claims that it is currently in the pre-listing process. 

Previously, Abiochem had completed three other rounds of financing from Highlight Capital, Addor Capital, Langcheng Capital, Haitong-Fortis Private Equity Fund Management, among others. 

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.