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.

Also Read:

China Digest: Matrix Partners invests in xyb2b; Hillhouse Capital backs Elpiscience

Morgan Stanley, Hillhouse Capital lead $115m Series C funding in Golden Education 

 

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.