China Digest: Tencent acquires Byment; Jabrehoo raises $14m Series B

FILE PHOTO: WeChat mascots are displayed inside Tencent office at the TIT Creativity Industry Zone in Guangzhou, China May 9, 2017. REUTERS/Bobby Yip/File Photo

Tencent is close to complete the acquisition of a majority equity interest in Byment, while genetic technology firm Jabrehoo has raised nearly 100 million yuan ($14 million) in a Series B round of financing.

Tencent to acquire majority stake in animation firm Byment

Tencent is close to completing the acquisition of a majority equity interest in Byment, a Chinese provider of animation creation and production services, said the company in a WeChat post on August 9.

The Chinese social media and gaming giant plans to acquire the shares from a consortium of nine shareholders, including Hong Kong-listed Chinese internet content and service firm BAIOO Family.

BAIOO Family agreed to sell a 31.2 per cent stake in Byment to Linzhi Lichuang Information Technology, an investment entity of Tencent, for 124.8 million yuan ($18 million), said the Hong Kong-listed firm in a filing with the stock exchange. The transaction will value all shares of Byment at 400 million yuan ($58 million).

“Byment’s affluent animation IP assets will further strengthen Tencent’s advantages in IP development, which will boost Tencent-branded movie and gaming businesses,” said Zou Zhengyu, general manager of Tencent Interactive Entertainment’s animation business, in the post.

In May 2019, Byment secured tens of millions of yuan in a Series A round from Tencent.

Jabrehoo raises $14m Series B round

Jabrehoo, a Chinese genetic technology firm that focuses on assisted reproduction, has raised nearly 100 million yuan ($14 million) in a Series B round from the country’s healthcare-focused fund Apricot Capital.

Founded in June 2011 and fully known as Peking Jabrehoo Med Tech Co Ltd, the company provides integrated next-generation sequencing services to assisted reproductive centres in China. Its products and services include genetic testing equipment, consumables, diagnostic reagents, and medical bioinformatics platforms.

Jabrehoo previously completed an investment from the Chinese healthcare investment specialist GTJA Investment Group in April 2018. Financial details of the round were not disclosed.

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.