China Digest: Luxury retail platform Panghu, Yeasen Biotech secure funding

Photo by Hannah Morgan on Unsplash

China’s Panghu Luxury and Yeasen Biotechnology have secured fresh funding. 

Luxury retail platform Panghu nets $50m in Series C

Second-hand luxury commodity services platform Panghu Luxury has raised $50 million in a Series C round of financing, per a company statement on Thursday. 

The latest round was co-led by Fivestar Holdings’ investment arm Focustar Capital and ATM Capital, an early to growth stage venture fund rooted in Southeast Asia. 

Return investors BeFor Capital and INCE Capital have re-upped in the round. Beijing-based investment bank Fanzhuo Capital served as the company’s financial advisor.

In May last year, Panghu had bagged $25 million in its Series B round jointly led by Fortune Capital and INCE Capital with participation from BeFor Capital. 

Panghu’s early stage investors also include TusStar, Trinti Capital, 1989 Capital and Yizan Capital. 

Yeasen raises $39m in Series B 

Chinese biotech firm Yeasen Biotechnology (Shanghai) Co., Ltd has closed its Series B round of financing at 250 million yuan ($39 million) led by Legend Holdings’ investment subsidiary Legend Capital, per a company statement on Thursday. 

Xinsheng Pharmaceutical and Shanghai Hoaxing Investment participated in the round as new investors, while return backers – Step Fund, Anhui Tanzhen Investment Management and Hetai Ventures – made follow-on investments. 

The company will use the proceeds for enzyme products and for its manufacturing base. 

Since its inception in 2014, Yeasen has rolled out more than 3,000 kinds of products such as enzymes, reagents, magnetic beads, and kits.

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.