Tencent leads $160m Series D in Chinese industrial e-commerce platform Zhenkunhang

Photographer: Qilai Shen/Bloomberg

Chinese internet giant Tencent Holdings has led a $160-million Series D round in Zhenkunhang, a Shanghai-based online business to business (B2B) trading and procurement services platform, China Money Network reported.

The investment was also joined by Matrix Partners China, supply chain-focused Eastern Bell Capital, growth-stage investment fund Genesis Capital, and Legend Capital, an investment unit of Legend Holdings.

According to Zhenkunhang, this funding round took the total capital raised to nearly RMB3 billion ($433.18 million).

Founded in 1996, Zhenkunhang, also known as Qingdao Zhenkun Trading, is an e-commerce platform for industrial products, including maintenance, operation, and repair (MRO) products.

Qingdao Zhenkun Trading is a professional lubricant, adhesive, fasteners, and related equipment suppliers.

To date, Zhenkunhang has raised a total of $374 million in funding over four rounds, according to Crunchbase.

In April, Tencent Holdings reportedly agreed to purchase over 1 billion shares of e-commerce platform Youzan to own a 6.7 per cent stake in the Hong Kong-listed company.

 

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.