China Digest: Qi An Xin leads $60m funding in XYLink; Huatec bags $44m

XYLink Inc

XYLink has raised 400 million yuan ($60 million) in a Series D round led by Qi An Xin, while Beijing Huatec Information Technology has garnered 292 million yuan ($44 million) from China Reform Culture Holdings.

Qi An Xin leads $60m Series D in XYLink

Cloud communication service platform XYLink Inc has raised a 400 million yuan ($60 million) Series D round led by Qi An Xin, a cybersecurity major that was spun out of leading internet security group Qihoo 360 in 2016, per a company statement on Wednesday. 

The funding round was joined by state-owned Shanghai International Group’s Shanghai Guohe Capital and GP Capital, besides Dunhong Capital Management.

With the fresh round of financing, XYLink will look to support its developments toward technology and products, as well as to expand the applicable scenarios. 

Set up in 2016, XYLink specialises in intelligent video conference services driven by cloud computing, and AI, among others. With six research centres in the country, XYLink caters to more than 100,000 clients across finance, banking, insurance, government administration, healthcare, petroleum, and education, it said. 

The founder Xingguo Zhao is the largest shareholder in XYLink with a 17.47 per cent stake. Other major shareholders include Tencent (11.27 per cent), Lightspeed China Partners (7.95 per cent), Sinovation Ventures (7.68 per cent), ZhenFund (1.27 per cent), and Shanghai Guohe Capital (0.97%). 

Tencent Investment had exclusively injected “tens of millions of US dollars” in a Series C round of funding in XYLink in 2019.

Huatec bags $44m from China Reform Culture Holdings 

Education technology company Beijing Huatec Information Technology Co., Ltd said on Thursday that Shanghai-listed, state-owned China Reform Culture Holdings has made a strategic investment of 292 million yuan ($44 million) in Huatec. 

Education-focused boutique investment bank Taoli capital served as the financial advisor. The parties will team up to upgrade Huatec’s infrastructure and services, it said. 

Headquartered in Beijing, Huatec is a specialist in delivering smart learning and training solutions for the education industry. It uses new generation technologies such as 5G network, cloud computing, big data, and internet of things (IoT) to develop a one-stop service for higher education institutes.  

In 2019, Huatec had annual revenues of 354 million yuan ($53 million) and a net profit of 43.97 million yuan ($6.6 million). 

The company is backed by Fortune Capital, Jihe Investment, and Beijing Jirui Investment, 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.