China’s Huishoubao raises $15m series A investment led by Chengwei Capital

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Shanghai-headquartered investment firm Chengwei Capital has led a $15 million series A financing in Shenzhen-based mobile phone recycling startup Huishoubao, according to a China Money Network report.

CITIC Capital also participated in the round.

The company reportedly said it will use the proceeds to expand its online platforms and improve services.

It has previously received several million US dollars worth of angel investment since its establishment in 2014.

Huishoubao has reportedly recycled several million secondhand mobile phones,and served nearly one million users.

The collected used phones are either refurbished and put back to the market, or sold to mobile phone suppliers for parts extraction, according to a China Money Network.

Chengwei Capital, founded in 1999, specialises in investments in private enterprises in the manufacturing, consumer goods, education, internet, and oil and gas sectors.

Its tech portfolio includes growth stage investments in companies such as Android app developer APUS Group, video-sharing website Youku that has been acquired by Alibaba, and video game developer and publisher Digital Chocolate.

Meanwhile, CITIC Capital is an alternative investment management and advisory company with a strong focus on Chinese businesses. The firm manages over $5.9 billion of capital from a diverse group of international and Chinese investors. Core businesses include private equit​y, real estate, structured investment and finance, asset management and venture capital.

Also read:

China’s APUS launches $45m fund to invest in Indian mobile internet startups

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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.

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.