China’s Shunwei Capital targets 4 IPOs of portfolio firms this year

Shunwei's Tuck Lye Koh at the Indonesia PE-VC Summit 2020 in Jakarta. Photo: DealStreetAsia

Chinese venture capital firm Shunwei Capital is targeting the initial public offering (IPO) of four of its portfolio companies this year in the US and China markets, according to its founding partner and CEO Tuck Lye Koh.

At the DealStreetAsia Indonesia PE-VC Summit 2020 in Jakarta Wednesday, Tuck said three of the listings will be in the US while the other one, that of Chinese tech firm Roborock, has already been approved for listing on Shanghai’s Nasdaq-style tech board.

Roborock, established in 2014, is known for manufacturing robotic vacuum cleaners. It designs and develops a series of robotic vacuum cleaners under its own Roborock brand.

Tuck did not disclose the information about the three other Shunwei portfolio companies that will seek listings in the US but said the application process is already in the advanced stage, with bankers already being engaged.

“The overall 2019 capital market has substantially outperformed our expectations… in 2020, we should see something similar maybe not really bullish but the IPO window should continue to exist,” Tuck said.

Shunwei Capital, which has invested in 400 companies, with 22 unicorns under its portfolio, has already made nine IPOs so far. The firm, founded by Xiaomi founder Lei Jun and Tuck, has total assets under management of $3 billion.

The firm last raised $1.21 billion for Fund IV in 2018, deploying capital in China, India, and to some extent, Indonesia. The fund attracted investors from the US, the Middle East, and Asia, including endowment funds, sovereign wealth funds, charitable foundations, and family offices.

The fund’s target sectors include mobile internet, consumer IoT, deep tech, and robotics. It also looks at internet-dependent firms in media and social commerce, among others.

In India, Shunwei has done at least 16 deals, making the country its second most important base after China. Among its portfolio companies in India are Krazybee, India’s first online installment store for students; Cashify, an online platform to sell old and used mobile phones; and Pratilipi, a platform to read and write stories.

Tuck was one of the speakers in DealStreetAsia’s Indonesia PE-VC Summit 2020 in Jakarta, tackling the topic “Replicating the China playbook in India and Indonesia”.

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.