China Digest: HiRain bags $30m; Huagai Capital backs Bellen

HiRain Technologies has bagged 210 million yuan ($30 million) in a new round of funding from Huaxing Growth Capital. In a separate development, Bellen Chemistry has garnered ‘tens of millions of US dollars’ in its Series D round of funding jointly led by Huagai Capital and Eastern Bell Capital. 

HiRain nets $30m in a new round 

Automotive electronics product and service provider HiRain Technologies has bagged 210 million yuan ($30 million) from Huaxing Growth Capital, a sub-fund of China Renaissance.

HiRain raised an undisclosed equity investment from Beijing Automotive Group’s investment arm BAIC Capital and Sunshine Insurance Group in December 2019.

The company will use the proceeds to support product innovations in smart driving, intelligent connected vehicle (ICV), new energy, and autonomous driving. It will also target market expansion.

China’s automotive electronics industry is expected to reach 900 billion yuan ($127 billion) by 2025, it said in the statement. 

Huagai Capital backs Bellen in Series B round 

Contract research and manufacturing-focused Bellen Chemistry Co Ltd has garnered ‘tens of millions of US dollars’ in its Series D round of funding jointly led by Huagai Capital and Eastern Bell Capital. 

The round was joined by previous backers including CICC Capital’s sub-fund CICC Qichen, Legend Capital, Apricot Capital and Insight Capital, the company announced on WeChat. 

CICC, Legend Capital, Apricot Capital, China Merchants Capital and Sherpa Capital had collectively injected ‘tens of millions of US dollars’ in Bellen’s Series C round in 2018. Previously in 2016, Insight Capital had invested in its Series A round of funding. 

Bellen will further advance its CRO and CDMO businesses and develop the small molecule-based service platform. 

Beijing-based Bellen owns an R&D centre in Shanghai, besides a manufacturing plant in Shandong, and branches in France, Canada, U.S,  the United Kingdom and Japan. 

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.