China Venture Roundup Volume 39 covers China’s investment activity from May 31 to June 6, 2021.

China tech moguls spur wave of philanthropy—have their efforts translated into impact? | China Venture Roundup Volume 39

Find out what moves China tech with us. We round up what you need to know about the local venture scene every Thursday morning at 8:00 a.m. (GMT +8), covering major investment stories, MNC partnerships, noteworthy startups, industries with the most investments for the week, and more.

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Going Public: IPOs 

On May 31, Xikang submitted its prospectus to the HKEX. Xikang is the first city-scale collaborative medical and health management platform in China.

Leveraging its proprietary cloud platform, Xikang provides SaaS tools for hospitals and clinics to adopt centralized digital infrastructure, which integrates the city’s healthcare resources and allows sharing of information among primary healthcare providers, pharmacies, and other healthcare operators. Utilizing the information housed on the platform, patients can seek remote consultations and prescriptions.

At present, Xikang has partnered with more than 1,815 hospitals across 25 cities, making it the largest domestic cloud-based hospital network platform.

Startups on our Watchlist

ChromX Health (精智未来)

Founded in 2021, ChromX Health develops smart breathalyzer devices for clinical diagnostics. With non-invasive testing, the company’s device provides rapid detection and early screening for a variety of medical conditions.

To facilitate more application scenarios in hospitals, senior centers, and personal homes, ChromX Health recently launched portable devices with smaller analyzers calibrated with high sensitivity and resolution. The company is currently working with top-notch hospitals in China and the United States to develop tests for cancer, infectious diseases, and chronic conditions.

KrASIA News Picks

Chinese tech moguls spur wave of philanthropy but endeavors fall flat

Philanthropy is not new in the tech world, many individuals have been keen to give back as they build their careers and financial means. Chinese tech moguls are no exception to such charitable efforts, with figures like Jack Ma of Alibaba, as well as Pony Ma and Charles Chen of Tencent, making high-profile headway. Despite their well-meaning ventures, the lack of change and persistent inequality for workers negate their philanthropy. How have the efforts China’s new donor class panned out?

Japan travel news, japan travel guides, japan holiday destinations and japan reviews


Amazon merchant acquirers open new battlefront in China

China Deal Review: Startups raise $5.1b from PE-VC investors in May, down 8.9% from April

Hong Kong stocks lose support from mainland buyers who snub cheap valuations, balk at regulatory risks

G7 summit: after the political theatre, the US, Britain and EU must get back to working with China

China plans to launch a Mars sample-return mission around 2030, and more

Geely to press on with methanol-powered vehicles despite risk of failure, founder says

China’s crackdown on cryptocurrency spreads to Yunnan in southwest

China’s bitcoin crackdown: Fourth-largest bitcoin-producing province joins the country’s moves against crypto mining

As central banks explore digital currency, could NFT bonds be the future?

Skyrocketing shipping costs lift prices of goods from toys, furniture to car parts and anchovies

Trip to space with Jeff Bezos sells for $28 million

Vaccination lottery: a peek at the US$1.4 million flat aimed at moving the needle in Hong Kong’s fight against Covid-19

As TikTok shortens attention spans, China’s Netflix-like platforms struggle to keep viewers

Who is Mark Bezos? Amazon CEO Jeff Bezos picked his younger brother and BFF to come with him on Blue Origin’s first human space flight, and once called him the ‘funniest guy in my life’

Hong Kong’s home buying frenzy returns, as a record number of bidders snapped up every flat of New World’s The Pavilia Farm III project on offer in Tai Wai

Hong Kong to widen access to corporate executives’ data to professionals to enhance compliance work, deter money laundering


Alibaba executive vice chairman says Jack Ma’s fine and lying low

Jack Ma. Photographer: Qilai Shen/Bloomberg Alibaba Group Holding founder Jack Ma is fine and “lying low right now”, the Chinese e-commerce giant’s executive vice chairman, Joe Tsai, said in an interview with CNBC on Tuesday. Following Ma‘s criticism of the Chinese regulatory system last year, the authorities have come down heavily on the company, leading to the shelving of financial affiliate…

Read more: Alibaba executive vice chairman says Jack Ma’s fine and lying low

Foxconn unit invests $36m in Gigasolar partnership to develop EV battery materials

REUTERS/Tyrone Siu/File Photo Taiwan’s Foxconn said a subsidiary has invested T$995.2 million ($36 million) in Gigasolar Materials Corp to develop electric vehicle (EV) battery materials. Foxconn, Apple’s main iPhone maker, said the investment via a private placement through a Taiwan-based subsidiary will make it the second-largest shareholder in Gigasolar, known for manufacturing…

Read more: Foxconn unit invests $36m in Gigasolar partnership to develop EV battery materials

China tells e-commerce firms to regulate promotional phone messages

Beijing, China China‘s industry ministry on Tuesday said that it had told e-commerce giants Alibaba, and Pinduoduo to regulate their use of promotional phone messaging to users ahead of the annual June 18 shopping festival. The directive, delivered during what the ministry said was a meeting on June 11, is the latest move in an…

Read more: China tells e-commerce firms to regulate promotional phone messages

People Digest: HQ Capital MD steps down; Endowus gets chief advisory officer

Private equity firm HQ Capital managing director in Hong Kong Lucian Wu has stepped down from his role after a seven-year stint. In a separate development, Singapore-based wealth management platform Endowus has appointed banking veteran Wei Mei Tan as its chief advisory officer. HQ Capital’s MD Lucian Wu steps down…

Read more: People Digest: HQ Capital MD steps down; Endowus gets chief advisory officer

Used Gadget Specialist Aihuishou Aims for $261 Million IPO

A person checks out an Aihuishou store in 2020 in Shanghai. Photo: VCG Chinese electronics reselling platform Aihuishou has fleshed out the details of its planned IPO, setting a target of $261 million. That target would value the firm, one of the largest second-hand goods platforms in China, at a…

Read more: Used Gadget Specialist Aihuishou Aims for $261 Million IPO

How Apple Watch took on Fitbit, and won – but can Facebook steal the smartwatch crown?

The Apple Watch has come a long way since it hit our wrists six years ago.  It was initially deemed a flop in 2016 and failed to win customers over in the months after it launched. Now it’s the most popular smartwatch in the world, with a 55 per cent…

Read more: How Apple Watch took on Fitbit, and won – but can Facebook steal the smartwatch crown?

ByteDance scores its first mobile game hit in China in ongoing battle with market leader Tencent

A video game developed by TikTok owner ByteDance was China’s fifth-biggest mobile game by revenue in May, demonstrating the company’s potential as a challenger to Tencent Holdings’ dominance of the lucrative sector. One Piece: The Voyage, a pirate-themed game developed by CMGE Technology Group and Nuverse, a game studio wholly…

Read more: ByteDance scores its first mobile game hit in China in ongoing battle with market leader Tencent

Chinese pharmacy platform Yaoshibang secures $270m funding

Chinese pharmaceutical trading platform Yaoshibang, also known as Ysbang, has secured $270 million in a fresh round of financing, the company announced on Tuesday. The new round saw participation from the Chinese conglomerate Zhejiang Pearl River Investment Management, search engine giant Baidu, Green Pine Capital Partners, state-backed Guangzhou City Construction…

Read more: Chinese pharmacy platform Yaoshibang secures $270m funding

Cafe de Coral to speed up China expansion after mainland business, sops boost restaurant firm’s net profit

Stanley Ho’s youngest son Mario launches firm to help family offices tap investment opportunities in Greater Bay Area

Retail Giant Suning’s Founder Has Shares Frozen Amid Cash Crunch

COVID gives Japan ‘last chance’ to reverse digital defeat

How Hong Kong’s family offices can use impact investing to help fight wealth inequality

China Digest: Nutshell Therapeutics; Kolmostar in funding news

Chinese cyberattack breached dozens of high-value entities using Pulse Secure networking tool

Horizon Robotics lands USD 1.5 billion in hot autonomous driving sector