Understand what moves China tech with us — we roundup what you need to know about the local venture scene every Thursday morning 9am (SGT).
Top IPOs of the week
Trip.com (携程旅行网) | Secondary listing application submitted to HKEX
The Shanghai-based online travel agency has been considering a delisting in New York since late 2019, owing to stricter vetting and audit requirements from regulators as well as ongoing tensions between China and the United States.
Trip.com’s move follows a small trend, as many Chinese companies whose shares are listed in New York to consider shifting to bourses closer to home due to the deteriorating relationship between China and the US.
Startups on our watchlist
Oneswear (梵誓) | Series A
The jewellery brand raised RMB 30 million (USD 4.64 million) in its Series A financing round.
Liangyihui (良医汇) | Series C
The medtech company raised more than RMB 100 million (USD 15.45 million) in a Series C round led by Qiming Venture Partners, Detong Capital, and Redhill Capital.
Top Stories: VCs and Investments
Founded in 2019, Simpcare (溪木源) is a Chinese beauty brand that has impressively completed six rounds of private financing in the past 18 months. Founder Jeffrey Liu, realised that imported cannabidiol (CBD) skincare products did not suit the tastes of local customers and was above their preferred price point. Thus, through consistent R&D, Simpcare developed a proprietary procedure that enables them to extract CBD that is more effective and compatible with Asian skin.
Always get the full scoop with the full version of China Venture Roundup, check out what your subscription offers through the link above.
MNCs in China
Qibot (企保科技) has received a new round of financing from RGAX, a wholly owned subsidiary of the Reinsurance Group of America (NYSE: RGA)—a Fortune 500 company and one of the world’s leading providers of life and health reinsurance solutions. This investment deepens the on-going relationship between Qibot and RGAX.
Qibot’s proprietary AI chat-bot, Aimi, helps insurance companies communicate with customers through text or as a voice-based AI assistant. Aimi is equipped to understand semantic nuances and can discern a speaker’s intention from speech patterns in English, Mandarin, and even Chinese dialects.