China Digest: Estun to raise $143m; C Ventures backs Yum Delight

Wholly Moly, a subsidiary of Yum Delight

Nanjing Estun Automation Company Limited plans to raise approximately 1 billion yuan ($143 million) through a private placement of shares. In a separate development, Wholly Moly’s parent company Yum Delight has garnered nearly $10 million in a Series A round from C Ventures.

Estun Automation raises $143m

SZ-listed industrial robot developer Nanjing Estun Automation Company Limited announced that it has agreed to issue shares to garner 1 billion yuan ($143 million) in a private placement to three marquee investors in a bid to accelerate business development.

The three strategic investors are China General Technology, Hubei Xiaomi Changjiang Industrial Fund and China Manufacturing Transformation and Upgrading Fund, a 147.2 billion yuan ($29 billion) fund co-launched by Ministry of Finance, China Tobacco, and CRRC in late 2019, according to a filing on Friday.

Estun will offer as many as 86 million common shares at a price of 11.62 yuan ($1.7) each. China General Technology and China ManufacturingTransformation and Upgrading Fund will pay 400 million yuan ($57 million) in cash, respectively. Hubei Xiaomi Changjiang Industrial Fund will invest will pay 200 million yuan.

With the proceeds, Estun will be able to expand its industrial robot projects.

Set up in 1993, Estun went public in 2015. The company designs and manufactures industrial controlling components for high-end intelligent equipment. Besides, it develops autonomous technology-driven industrial robots.

C Ventures invests in Yum Delight

Yum Delight, the parent company of California-based health food brand Wholly Moly, has garnered approximately $10 million in a Series A round from Hong Kong-headquartered C Ventures, per an announcement.

The corpus raised will help expand the operation of Wholly Moly in areas of supply chain, product innovation, brand management.

Since its inception in 2017 in Silicon Valley, Yum produces plant fiber oriented healthy food and other oat bran products. It integrates online channels such as Tmall and JD.COM with brick-and-mortar networks to boost business.

Prior to this, Yum saw participation of DT Capital, and QM Capital, among others, in its angel and pre-Series A round.

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.