China’s Weimob ties up with SHIVC to launch $142m industrial fund

Commercial buildings stand illuminated at dusk in Hong Kong, China, on Thursday, Dec. 27, 2018. Photographer: Justin Chin/Bloomberg

Weimob Inc, a Chinese cloud-based commerce and marketing solutions provider, has joined hands with state-backed innovation centre SHIVC to set up 1 billion yuan ($142 million) industrial fund, according to an announcement.

As many as four subsidiaries of Weimob contributed a total of 997 million yuan ($141 million) to the fund as its limited partner, while SHIVC has contributed another 3.3 million yuan ($40 thousand) as its general partner.  Another subsidiary of Weimob is said to have pumped in the remaining amount in the capacity of a general partner.

Established in 2013, Shanghai-headquartered Weimob facilitates digital transformation for small and medium businesses (SMBs) by the cloud computing system. The company is listed on The Stock Exchange of Hong Kong (SEHK). Earlier this year, in July, Weimob raised over 1 billion yuan ($142 million) from Singapore sovereign wealth fund GIC, and BlackRock.

Weimob invests in companies that focus on cloud computing units, artificial intelligence (AI) and big data analytics. Strategic partnerships with other firms help Weimob advance its own cloud computing service, besides boosting its own business.

Through the industrial fund, both Weimob and SHIVC aim to provide qualitative resources to SaaS startups in a bid to foster technology.

Set up by the Shanghai government, SHIVC was created as an innovation centre to take the industry forward by venturing in the new economy following the policy of Widespread Entrepreneurship and Innovation by the Chinese government. Currently, SHIVC’s assets under management stand at 10 billion yuan ($1 billion).

During the Summer Davos Forum in September 2014, China’s Premier Keqiang Li had said entrepreneurial activities should be encouraged to unleash the wave of innovation. Subsequently, in the Central Economic Meeting in December, Chinese President Jinping Xi had called for efforts to initiate a policy to help entrepreneurship and innovation to grow in the country.

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.