Chinese food companies Qiaqia, Juewei partner to set up $170m F&B fund

A vendor sells dry fruits and nuts at a market in Lanzhou, northwest China's Gansu province, March 14, 2007. REUTERS/Stringer

Qiaqia Food, one of China’s largest producers of roasted seeds and nuts, plans to partner with Shanghai-listed Chinese casual halogenated food producer Juewei Food Co Ltd to set up an investment fund focused on the food and beverage industry, per a filing. 

Both parties inked an agreement with a slew of other investors like Linzhi Yongchuang Information Technology and Zhejiang Jiyuan Network Technology to invest a total of 1.1 billion yuan ($170 million) in the fund.

The fund is dubbed Sichuan Chengdu Xinjin Siyiwu Investment. 

Juewei Food is poised to invest 644 million yuan ($100 million) in the fund through its subsidiary Wangju Capital, while Qiaqia Food targets to put in 60 million yuan ($9 million). 

Following the transaction, Wangju Capital will be the largest limited partner in the fund holding 58.55% equity interest while Qiaqia will own 5.45%. 

The fund will back companies in segments such as halogenated foods, restaurant chains, snacks, condiments, pet food and supply chain. 

Qiaqia, set up in 2001, produces snack foods including sunflower seeds, walnuts, potato chips, fried foods, pickled foods, biscuits, among others. Its investors include CITIC Securities, China Construction Bank, Orient Securities, Wens and Harvest Capital. 

The company was listed in Shenzhen in 2011, and its shares opened at a price of 23.35 yuan ($3.61) on Friday. 

The 16-year-old Juewei Food sells spiced and stewed food through retail stores and franchises across China. As of April 29, its market valuation is at 52 billion ($8.2 billion). 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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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.