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Apartment service provider Chengjia announced that co-founders China Lodging Group (Huazhu) and IDG Capital have jointly invested $50 million. Founded in 2015, Chengjia services more than 40,000 tenants with over 5,000 rooms at property locations in 50 major Chinese cities. The company says it will operate 10,000 rooms in 100 properties by year-end.
In an interview with China’s national English-language newspaper, IDG Capital Global Chairman and Founder Hugo Shong (Xiong) and IDG Capital Partner Yan Yisheng describe the online-to-offline retail market in China.
Filings with the Securities and Exchange Commission (SEC) confirm that IDG Capital plans to raise additional funds. This article includes a link to IDG Capital’s recent SEC filing.
Wuhan DDMC Culture Co. Ltd. (DDMC) has purchased Super Sports Media Group. Co-invested by IDG Capital Partners and Eida Media Inc., Super Sports has exclusive broadcasts rights on mainland China and in Macao for the English Premier League through 2019.
In an interview, IDG Capital Founding Partner and Global Chairman Hugo Shong discusses the firm’s portfolio and investment strategy.
German lighting manufacturer Osram has completed the sale of its LEDvance group to a Chinese consortium led by by IDG Capital. The sale price was 500 million euros, or $529 million.
IQiyi.com Inc., the Netflix-like video streaming service of Chinese online search engine Baidu, announced it has raised $1.53 billion to compete with its domestic rivals. In addition to Chinese search engine Baidu, which invested $300 million, IQiyi.com’s backers reportedly include Hillhouse Capital, Boyu Capital, IDG Capital and Sequoia Capital.
A newly reopened teahouse in Shanghai is drawing thousands of local residents who spend up to three hours on line queuing up for a cup of fruit tea. Founded in 2012, Guangdong-based Heytea is funded by IDG Capital and Robust Group.
IDG Capital joined Chinese real estate giant China Oceanwide in purchasing International Data Group, a leading U.S. publisher and market research firm which was instrumental in launching IDG Capital in 1993.
IDG Capital reported a banner year in 2016, scoring 17 exits, even as three of its companies were listed publicly. The China-focused VC firm also reported that 15 of its investments achieved valuation of $1 billion or more in 2016, taking the full number of unicorns in the IDG Capital portfolio to 26.
Roses are now a luxury brand in China, Pu Yi, the founder and CEO of roseonly, a Beijing-based start-up, tells China Daily. Early investors in the firm, now valued at more than $100 million, include IDG Capital and Accel Partners.