HK-based Hillhouse co-leads $31m Series B1 round in e-commerce platform Songshupinpin

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Hong Kong-headquartered Hillhouse Capital Group and Magic Stone Alternative Investment (MSA) have co-led a $31-million Series B1 financing round in Beijing-based community group buying e-commerce platform Songshupinpin, China Money Network reported.

Previous investors including IDG Capital, China-focused venture capital firm Sky9 Capital, and Gan Jiawei, a former executive at Chinese on-demand local services firm Meituan.com, also participated in this round.

Songshupinpin is a Chinese group purchasing platform that connects consumers in different residential districts with suppliers of daily necessities.

The platform last year completed a $30-million Series A financing from investors including IDG Capital, Hillhouse Capital, MSA, Yunjiu, other institutions and Meituan’s former COO Gan Jiawei.

Last September, Hong Kong-based private equity firm Hillhouse Capital announced that it has closed its fourth vehicle, Hillhouse Fund IV, at a record-breaking $10.6 billion.

According to Hillhouse Capital, the oversubscribed vehicle will pursue global opportunities across healthcare, consumer, technology and services sector, with a focus on Asia.

The new fund sets a new record among private equity investors targeting Asia and surpasses KKR’s $9.3-billion third Asia-focused fund raised last year. It is also the biggest dollar buyout pool raised by Hillhouse, which started in 2005 with $20 million from a Yale University endowment.

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