Chinese supply chain provider Xingyun closes $200m in a Series C round

Xingyun Group

Xingyun Group, a Shenzhen-based supply chain provider for imported goods from foreign countries, announced on Thursday that it has garnered $200 million in a Series C round of funding co-led by leading Chinese insurance player Taikang Insurance Group, healthcare-focused Highlight Capital, and Shanghai United Media Group’s joint fund Zhongyuan Capital.

The fresh round also saw participation from a group of new investors including GLP’s sub-fund Hidden Hill Capital, Morningside Venture Capital, Fivestar Holdings’ Xingnahe Capital, C&D Group’s investment arm C&D emerging industry investment, and Pantheon Asset. Existing backers MatrixPartners China and Shandong Shuyuan Capital also joined the round, according to a company statement.

MatrixPartners China had partnered with marquee investors like Oriental Fortune Capital, Eastern Bell Capital, and Lan Fund to collectively pour $100 million for Xingyun’s Series B+ round in August 2019. In 2018,  MatrixPartners, Eastern Bell Capital, GSR United capital, and others had invested ‘tens of millions of US dollars’ in its Series B round. 

Chinese new economy centered China Renaissance served as the financial advisor.

Xingyun will allocate the fundraising to spruce up its supply chain capacities and strengthen talents, it said.

Managed by Shenzhen Tianxingyun Supply Chain Company Limited, Xingyun Group employs over 500 professionals globally. The five-year-old group offers one-stop supply chain solutions covering consultancy, logistics, trading, and financial services, aimed to help enterprises improve import efficiency. In addition, it has also rolled out a cross-border e-commerce platform XY-Storehouse.

Per its official website, Xingyun has provided services to more than 150,000 importers. In 2019, its gross merchandise volume (GMV) stood at 13.5 billion yuan ($1.98 billion). 

With dual headquarters in Shenzhen and Hangzhou, Xingyun has also launched divisions in Shanghai, Guangzhou, Hong Kong, Germany, Japan, and Australia.

“China’s consumption market size is 40 trillion yuan ($5.9 trillion), in which e-commerce is among the most powerful contributions,” said Kun Xu, managing director, China Renaissance, in the statement. 

Xingyun has also been backed by Oriza FOFs, Hongtai Aplus, Changtai Investment, GX Capital, and Fortune Valley Capital, among others.

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.