China’s Ping An Capital closes second consumer tech fund at over $786m

Source: Reuters

Ping An Capital, an investment platform of China’s Ping An Insurance, has collected over 5.5 billion yuan ($786 million) for its second consumer technology fund.

The fund secured capital commitments from China’s largest bank Industrial and Commercial Bank of China (ICBC), insurance firm PKU Founder Life, and China Everbright Limited’s CEL Fund-of-Fund, according to a statement on Monday.

CICC Capital, the fund management arm of investment bank China International Capital Corp (CICC), Peking University Education Foundation, and other private enterprises and entrepreneurs also poured money into the fund.

The second consumer technology fund, established in June 2018, has already invested more than 3.2 billion yuan ($457 million), or nearly 58 per cent of its total corpus, in seven companies as of December 2019, according to the statement.

The new investment platform comes three years after Ping An Capital launched its debut fund in June 2016. Its first fund has backed 11 firms, including eight listed companies.

Ping An Capital primarily backs growth-stage and market-leading players in five major sectors, namely consumption upgrade, healthcare, modern service and TMT, energy conservation and environment protection, and advanced manufacturing, according to its website.

The company previously injected capital into digital music service major Spotify, traditional Chinese medicine provider Yunan Baiyao, Chinese online business-to-consumer (B2C) grocery business Yihaodian, New York-listed online automobile consumers platform Autohome, Shenzhen-listed health services provider Meinian Onehealth, as well as Chinese delivery companies Yunda Express and STO Express.

Ping An Insurance, the parent company of Ping An Capital and China’s largest insurer by market value, saw its third-quarter profit jump 50 per cent due to banking income and higher investment return, per its latest financial report.

The company booked 31.9 billion yuan ($4.5 billion) in net income and a 40 per cent rise in investment income in the three months ended 30 September 2019.

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.