Chinese OS startup Uniontech nets $168m in Series A round

Source: Clint Patterson/Unsplash

Chinese operating system (OS) startup Uniontech Software Technology has garnered 1.1 billion yuan ($168.2 million) in a Series A round of funding led by state-owned investment firm Beijing E-Town International Investment & Development.

In a filing with the Shenzhen Stock Exchange (SZSE) late Tuesday, ArcherMind Technology, a shareholder, revealed that Uniontech raised the new investment from a consortium of 18 institutional investors at a pre-money valuation of 4.8 billion yuan ($734.4 million).

Led by E-Town, the consortium includes Chinese state-owned Optics Valley Financial Holding Group’s equity investment platform; government-backed Shenzhen Capital Group; Shanghai Guohe Capital, a private equity fund manager backed by state-owned Shanghai International Group; and Beijing-based venture capital firm Gaorong Capital.

ArcherMind, a Chinese developer of technologies and solutions in the fields of AI, Internet-of-Things (IoT) and mobile Internet, will remain as Uniontech’s biggest shareholder upon the completion of the transaction. But its stake in the firm will reduce from 44.4 per cent to about 32.5 per cent, according to the filing.

The Beijing-based firm partners with global software companies and China-based chip makers including Loongson Technology, FeiTeng, ShenWei, and Zhaoxin.

The filing also disclosed Uniontech’s unaudited financial results for the first nine months of 2020, during which the firm booked 144.9 million yuan ($22.2 million) in revenue and a loss of nearly 110.1 million yuan ($16.8 million). It did not generate any revenue and had a total loss of 490,000 yuan ($74,967.1) in 2019.

The company’s chairman Wang Jiping said at a company event on Wednesday that Uniontech plans to move towards an initial public offering (IPO) on China’s Nasdaq-style STAR Market in the next few years, local publication PEdaily reported.

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.