China Digest: Webull mulls $400m US listing; Genhouse Pharma nabs $31m

Photo: Webull website

Online brokerage Webull is reportedly considering an initial public offering in the US to raise up to $400 million, while Genhouse Pharmaceutical has secured over 200 million yuan ($31 million) in a Series A round of financing led by Shenzhen Capital Group. 

Online broker Webull weighs $400m US IPO

Chinese online brokerage Webull is considering an up to $400 million initial public offering (IPO) in the US, Bloomberg reported on Wednesday. 

Webull has roped in investment bank Goldman Sachs to advise on the share sale, the report said.

Established in 2016 by former Alibaba and Xiaomi executive Wang Anquan, Webull is an online trading platform for retail investors to buy and sell stocks, options and ETFs. According to its website, it charges zero commissions.

In 2019, Webull had raised 250 million yuan ($39 million) in a Series C round from Gopher Asset Management. Its other backers include Xiaomi Corporation and its investment arm Shunwei Capital, as well as Bojiang Capital, Divine Capital and Hongdao Capital. 

Other Chinese brokerages that are known to be planning a US IPO include Futu Holdings, Tiger Brokers’s Up Fintech Holdings, and Snowball Finance Information Technology. 

Genhouse Pharmaceutical raises over $31m  

Genhouse Pharmaceutical, a small molecule drug maker, said on Wednesday that it has bagged over 200 million yuan ($31 million) in a Series A round of financing led by state-backed Shenzhen Capital Group. 

A slew of new investors participated in the latest round, including drug discovery platform Viva Biotech, healthcare-focused asset management firm IN Capital, and Legend Star, the investment arm of Legend Holdings that invests in technology, TMT and healthcare sectors. 

Shanghai-based Sharewin Capital re-upped in the current round, according to a company statement. The investment firm had participated in Genhouse’s angel funding round in 2015. 

Genhouse’s other backers include Dynamic Capital, Topping Capital, Kefa Capital, and Hengbo Tongzhou Venture Capital.

Headquartered in East China’s Suzhou city, Genhouse is focused on developing small molecule drugs for cancers. Since its inception in 2014, the firm has launched more than 10 pipelines. 

Per its press release in September last year, Genhouse has licensed its proprietary product GH21, an inhibitor of non-rector protein tyrosine phosphatase, to HUYA Bioscience International in a deal worth $282 million. 

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.