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SQC News Issue 2

2020-07-19    16:00

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Direct Investment



Miaoshou has completed a series D1 round of financing at amount of RMB600 million


In June 2020, Miaoshou, a  portfolio company of Starquest Capital, announced that it raised RMB600 million in a series D1 round of financing from investors including Sequoia Capital, Qiming Venture Partners and CITIC Securities. Founded in 2015, Miaoshou has rapidly expanded its business platforms from Yuanxin Pharmacy to include online hospital and health insurance Yuanxin HUI BAO, forming a closed-loop business service platform.



FoF Investment



POPMART filed an IPO in Hong Kong on June 1


In June 2020, POPMART, a portfolio company of Starquest, has filed an IPO in Hong Kong. POPMART, established in 2010, is a leading Chinese toy company. POPMART designs and sells mini cartoon toys and has built a platform incorporating business in artist brokers, new media entertainment, authorization of IP derivatives and large exhibitions and activities hosting.

 

Starquest Capital's portfolio GPs have continued their capital deployment in Healthcare, Consumer, and AI


From May to June 2020, Starquest Capital's portfolio GPs completed investments in healthcare, consumer and AI. Sherpa Capital participated in a series C round of financing of Vazyme Biotech, a R&D firm of life science products and in vitro diagnostic reagents. Other investors of Vazyme Biotech included China Life. Sherpa also invested in a series A2 round of financing of Hangzhou Jianhai Technology. Other investors included Silicon Valley Bank. Matrix Partners China and BA Capital invested in a series A round of financing in a low-temperature yogurt brand Simple Love Yogurt. Other investors included Maison Capital and CITIC Agricultural Fund. In addition, BA Capital exclusively invested in a series B round of financing of a barbecue chain brand Long Time Ago Barbecue. Source Code Capital invested in a series A round of financing of a new Chinese contact lens brand Moody. Other investors included Matrix Partners China and Hillhouse Capital. Gaorong Capital led a RMB300 million series C round of financing in AIPARK, a provider of intelligent parking. Other investors included Chang Shang Kunzhong and Zhongguancun Science City Science Innovation Fund. Linear Capital participated in a series Pre-A round of financing of HONG JING Drive, other investors include Bluerun Ventures, Translink Capital and others.


A number of portfolio companies of GPs' have completed next round of financing including VitaVitro Biotech, a supplier of auxiliary reproductive technology and products, Lixiang Car, an electric car provider, NarwalRobotics, a provider of home service robots, Liuhe Ningyuan, a pharmaceutical CRO and CDMO service provider, and KK Group, a new retail collection store brand and etc.


Multiple deals are in process of IPOs


A number of Starquest portfolio companies are in process of IPOs. For example, XGIMI, a provider of high-performance multi-functional smart projectors and laser TVsHOB Biotech Group (HOB) of in vitro diagnosis manufacturer, and Chemclin Diagnostics Corporation of external diagnosis reagents and instruments filed an IPO application on STAR Market, and entered the enquiry stage. Kintor Pharmaceutical, an innovative drug developer went public in Hong Kong on May 22, and its latest market capitalization was nearly 5.5 billion Hong Kong dollars.



Market Recognition



Starquest Capital's porfolio GPs received multiple industry honors


In the last two months, Starquest porfolio GPs' were awarded a number of industry honors by 36Kr, China Venture and other institutions. On May 6, the 36Kr Venture Capital Research Institute released the "TOP20 List of Investment Institutions and Investors in Corporate Services, Medical Health, Online Education, Entertainment and Media and Other Fields from 2019 to 2020" (the "List"), in which Sequoia China, Matrix Partners China, Gaorong Capital, Source Code Capital, Zhen Fund, Highlight Capital and others were selected as investment institutions in various fields.


China Venture released the Annual List of 2019 on June 11. Sequoia Capital, Matrix Partners China, Gaorong Capital, Source Code Capital, Eastern Bell Capital, Highlight Capital and Redhill Capital were named as "The Best Early Stage Venture Capital Institutions of China TOP100", and Zhen Fund, Linear Capital and Panda Capital were named as "The Best Early Stage Venture Capital Institutions of China TOP50". In addition, Highlight Capital, Sequoia China, BA Capital, Eastern Bell Capital, Matrix Partners China, Linear Capital, Source Code Capital were among the best investment institutions in biological medicine, new consumption, artificial intelligence and big data, enterprise services and other industries.


Starquest Capital, the only private equity institution, was invited to participate in the online forum of the Shanghai Stock Exchange, and Mr. Frankie Fang, founding managing partner of Starquest Capital, was invited as the guest speaker for the seventh session

 

On June 24, Mr. Frankie Fang, founding managing partner of Starquest Capital, was invited to participate in the Shanghai Stock Exchange's "Moving towards the Better - ESG Investment Online Forum" and was a guest speaker of the 7th Forum.


"With the promotion of the concept of green, responsible and sustainable development in the capital market of China, the private equity industry has gradually developed into an indispensable part of ESG investment." Mr. Fang said that Starquest attaches great importance to responsible investment and sustainable development, and has since its inception incorporated ESG factors into its long-term investment philosophy and strategy. Starquest fully integrates ESG into investment decision-making, organizational framework and team building by proposing a set of investment methodologies that are based on China's national conditions and can be implemented in the private equity FoFs industry, and becoming the first private equity investment institution to sign an organization based on the PRI.
 
"Moving towards the Better - ESG Investment Online Forum" is jointly sponsored by the Shanghai Stock Exchange and Lujiazui Financial City under the guidance of the Investor Protection Department of China Securities Regulatory Commission (CSRC), and aims to promote domestic investment institutions to systematically integrate ESG elements into investments, guide the best practices of liability investment, and promote the social development of financial energy.


 


ESG Insight

 


On June 22, Starquest Capital launched the first ESG Investment Yearbook 2020: Deploying Capital Responsibly". This yearbook comprehensively analyzes the current state and emerging trends of private equity responsible investing in China and around the world, offering an assessment methodology and multiple case studies. 
 
The first online session of the Financial Development of Qinghai Forum has officially launched on May 22. The forum is initiated by the Financial Development Research Center of Qinghai University. Mr. Frankie Fang, founding managing partner of Starquest Capital, Chairman of the ESG Committee and Co-Chairman of the Venture Capital Commission and FoFs Alliance, MOST, made an excellent online lecture on "Green FoFs: Responsible Capital". 


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