China: Qiming Venture Partners closes tech-focussed fifth fund at $650m

China: Qiming Venture Partners closes tech-focussed fifth fund at $650m

Qiming Venture Partners has closed its latest US dollar-denominated fund, after raising more than $650 million in commitments.

This is the fifth such fund for the Shanghai-based venture capital firm. which was an early investor in smartphone maker Xiaomi. In January 2016, it invested $100 million in biotech developer Zai Lab.

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