China Digest: Tencent backs realty firm Beike; Ofo sues employees for graft

Photo: Reuters

Chinese real estate platform Beike has closed a Series D funding round led by Tencent while struggling bike-sharing startup Ofo has sued employees for fraud and corruption.

Tencent leads $800 Series D for Beike

Real estate platform Beike has completed an $800-million Series D round led by internet giant Tencent, according to several Chinese media reports.

The round also allowed 22 of Beike’s earlier investors to exit the company. Tencent’s shareholding after the Series D round has not been disclosed but it owned a 2.32 per cent stake in Beike after investing 47.6 million yuan in August 2017, according to public data.

Beike has also become the latest company to join the WeChat Wallet portal.

Private equity firm Warburg Pincus was earlier reported to have walked away from a funding round for Beike parent Lianjia due to valuation concerns.

Ofo sues employees

Chinese bike-sharing platform Ofo is suing some of its former employees for embezzlement, according to a KrAsia report citing an internal document seen by its parent company 36Kr.

The startup, the report said, has investigated eight cases in total after a former employee stole and sold 4,000 bikes last July. To date, four cases have been accepted by the country’s judiciary authorities

“Ever since the inception of the company, we have established a zero-tolerance principle against internal corruption,” Ofo’s co-founder Yu Xin told 36Kr.

The bike-sharing startup has been under tremendous cash flow pressure and had to withdraw from several overseas markets. A Tianjin court froze 1.45 million yuan ($220,000) of its assets on February 23.

Also Read:

Chinese bike-sharing startup Ofo lays off Singapore staff without compensation

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.