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SQC News | Issue 1

2020-05-11    16:00

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Direct Investment


Xiaoyaoyao

On April 22, the Ministry of Industry and Information Technology announced the list of "Big Data Products and Solutions for Epidemic Prevention and Control, Resumption of Work, and School Resumption." Wuhan Xiaoyaoyao Medical Technology Co., Ltd., a portfolio company of Starquest Capital, was selected along with internet companies such as Alibaba, Tencent, Baidu, and JD.com for its "Internet-based Comprehensive Service Solution for Epidemic Prevention and Control in Pharmaceutical Distribution."

Since the outbreak of the COVID-19 epidemic, Xia

oyaoyao has addressed issues such as shortages of epidemic prevention materials, insufficient supply of medicines in pharmacies, high prices of certain medicines and epidemic prevention materials, and difficulties for the public in purchasing medicines due to restrictions on going out. Building upon its "Yaobangmang" B2B e-commerce platform, Xiaoyaoyao upgraded its research and development using big data, cloud services, OCR, and blockchain technology to develop the "Internet-based Comprehensive Service Solution for Epidemic Prevention and Control in Pharmaceutical Distribution." By leveraging its nationwide pharmaceutical supply chain, warehousing and logistics system, and pharmaceutical big data platform, Xiaoyaoyao facilitated the rapid procurement, supply, and distribution of epidemic prevention materials in Hubei, ensuring that materials were delivered to the front lines of the epidemic prevention battle in a timely manner. This effort guaranteed the timely arrival of pharmacy supplies in Wuhan, enabled the direct delivery of pharmaceuticals and masks to communities, and intelligently monitored whether pharmacies were controlling sales or raising prices, significantly optimizing the pharmaceutical distribution process and assisting in community epidemic prevention efforts, making a significant contribution to the defense of Wuhan and Hubei. The selection of this project by the Ministry of Industry and Information Technology is a recognition of Xiaoyaoyao's significant achievements in epidemic prevention and control, resumption of work, and school resumption, as well as its technological advantages.

 

Dingdong Fresh

In April 2020, Dingdong Fresh opened its first batch of 18 front warehouses in Beijing and officially entered the Beijing market. The initial front warehouses are located in communities such as Haidian, Shuangqiao, and Qingnian Road, where surrounding users can enjoy the ultimate fast and high-quality fresh shopping experience of "quality assurance, time assurance, complete categories, and delivery to your home in 29 minutes" through the Dingdong Fresh app.

As one of the leading companies in the fresh e-commerce sector, Dingdong Fresh's success in the Yangtze River Delta and Pearl River Delta markets has confirmed the widespread user acceptance of its model, and its product quality and shopping experience have garnered extensive praise from users across the country. This entry into Beijing marks another expansion and penetration into a new region for Dingdong Fresh. Behind the excellent user experience is Dingdong Fresh's continuous improvement of its backend systems and supply chain capabilities. Currently, Dingdong Fresh has expanded into regions such as Dali in Yunnan and Zunyi in Guizhou, where it has invested in and established multiple "Dingdong Fresh cooperative planting/breeding bases," enabling 80% of ingredients to be directly sourced from their places of origin. This has effectively reduced many intermediate links in the agricultural industry, further lowering the prices of fresh produce.

 

FoF Investment


In April 2020, sub-funds invested by Starquest Capital continued to invest actively in the consumer and technology sectors of the new economy. Source Code Capital added investments in the family service robot R&D company Yunjing Intelligent, leading a nearly 100 million yuan Series B financing round, with other investors including ByteDance, Yingfeng Capital, and Dami Ventures. Panda Capital added investments in the financial technology service provider Qinjia Shuke, leading a 120 million yuan Pre-A round financing, with follow-up investment from a state-owned fund; ZhenFund added investments in the mobile operation robot R&D company Youai Zhihe, leading a Pre-A round financing, with other investors including Sequoia Capital China and HAX. In addition, several sub-fund invested companies completed multi-million yuan follow-up rounds of financing, including the medical device R&D company Beixin Life Technology, the self-driving truck R&D company Yinchetech, and the trendy toy retail brand Pop Mart.


On April 14, Forbes released the 2020 Global Best Venture Capitalists list (The Midas List), with several GP investors from Starquest Capital's invested companies being selected. Among them, Shen Nanpeng, Global Managing Partner of Sequoia Capital, ranked first globally for the third consecutive year, while Zhang Zhen and Gao Xiang, Founding Partners of Gaorong Capital, Xu Xiaoping and Fang Aizhi, Founder and CEO of ZhenFund, and Cao Yi, Founding Partner of Source Code Capital, were also among the well-known investors on the list. In addition, Forbes also released the annual list of emerging investors (The Midas Brink List), with Huang Yungang, Partner at Source Code Capital, being selected.

 

Industry Recognition


Starquest Capital awarded as "Advanced Collective in Fighting the COVID-19 Pandemic" by China Private Equity Investment Institutions


During the fight against the epidemic, private equity and venture capital fund management institutions and their invested companies demonstrated a strong sense of social responsibility, leveraging their respective expertise to overcome challenges during this special period and becoming indispensable lifelines in the field of social services and livelihood security. Although the battle against the epidemic is not yet over, significant progress has been made, and the overall situation of epidemic prevention and control in the country is actively improving. On March 8, the Risk Investment Professional Committee of the China Technology Finance Association and the China FOF Alliance commended collectives and individuals who made outstanding contributions to epidemic prevention and control. Starquest Capital was awarded as an "Advanced Collective of Chinese Private Equity Investment Institutions in Fighting the COVID-19 Pandemic."


Starquest Capital included in the first batch of the "Red List of Creditworthy Equity Investment Fund Managers in China"


In April 2020, in accordance with the "Opinions on Promoting the Sustainable and Healthy Development of Venture Capital Investment" issued by the State Council and relevant regulations and spirit of the National Development and Reform Commission, the Ministry of Science and Technology, the China Securities Regulatory Commission, and other authorities, the Risk Investment Professional Committee of the China Technology Finance Association and the China Mother Fund Alliance launched the first Red List system for creditworthy equity investment fund managers in China. On April 29, the first batch of the Red List of Creditworthy Equity Investment Fund Managers in China was officially announced. Starquest Capital was among the first institutions to be selected for the "Creditworthy Market-Oriented FOFs Red List."


Starquest Capital included in the "2019 China Market-Oriented FOFs Rankings" by Qmingpian & 24 New Voices


On March 14, based on investment data from 46,502 FOFs on the Qimingpian platform, a leading market data platform in China, released the 2019 China FOFs Rankings, with Starquest Capital being included in the "2019 China Top 50 Market-Oriented FOFs" list, and Starquest Capital's Founding Managing Partner, Mr. Fang Yuan, ranking among the "China TOP20 Best FOF Investors in 2019".

On April 29, Mr. Jin Jinxian, Managing Director of Starquest Capital, was awarded the "China TOP40 FOF Investors under the Age of 40(40U40) in 2020" by the China FOF Alliance.

 

ESG Insight


Starquest Capital invited to share ESG perspectives, calling for institutions to strengthen ESG investment concepts


In the seventh issue of the Hong Kong Venture Capital and Private Equity Association (HKVCA) journal with the theme "ESG in Private Equity Investing - A refreshed view," Starquest Capital was invited to contribute an article titled "How an RMB PE Firm Became a Leading Force of ESG Investment in China." The article elaborated on how Starquest Capital established a complete ESG investment process and system, and introduced investment cases in SUPERMONKEY and BrightGene.

Recently, the China Fund Industry Association published a series of articles titled "The Power of Private Equity" in which Starquest Capital's Founding Managing Partner, Fang Yuan, was invited for an interview. Mr. Fang introduced how Starquest Capital integrates ESG into its investment process and decision-making, and shared his views on the current status and key factors of development in the Chinese ESG market.

In April, Starquest Capital's Founding Managing Partner, Mr. Fang Yuan, was interviewed by Zhao Na, a journalist from 21st Century Business Herald, regarding the Luckin Coffee incident from the LP's perspective. He expressed that this incident has brought new considerations to LPs' supervision of GPs, reminding investment institutions to pay more attention to the role of capital in environmental (E), social (S), and governance (G) aspects.

 

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