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Venture capital-backed Tudou Holdings, a Chinese company which hosts a video sharing platform similar to YouTube, has raised $174m through its initial public offering on NASDAQ.
Despite the current market turmoil, Tudou sold six million American Depositary Shares at $29 apiece, exceeding the $100m to $150m target set earlier this year.
The company raised $50m in a Series E financing round in August 2010. Singapore sovereign investor Temasek put up $35m, and the remaining $15m in funding came from the company’s existing investors.
These included IDG Technology Venture Investment, Granite Global Ventures, General Catalyst Partners, Capital Today, Jafco Asia, KTB Ventures and JAIC.
In total, Tudou has raised $135m in funding since the website went live five years ago, representing the largest investment to date in an online video business in China.
Earlier this month, Temasek partnered with the Oppenheimer family to establish Tana Africa Capital, a $300m private equity fund.
Copyright © 2011 AltAssets
China Investment Corporation (CIC) is reported to be in exclusive talks with French multinational energy company GDF Suez, in a bid to buy the company’s upstream arm for up to €3bn ($4.2bn).
After taking control of Britain’s International Power, GDF is currently the world’s largest utility, and was created following the merger of Gaz de France and Suez in 2008. It operates in electricity generation and distribution, natural gas and renewable energy sectors.
According to news reports, the acquisition of International Power increased the company’s debt, which it is trying to reduce through the sale of a 30 per cent stake in its production and exploration arm to CIC, China’s sovereign wealth fund.
The company is listed in on the Euronext exchanges in Paris and Brussels and has 236,000 employees worldwide, boasting revenues of €84.5bn in 2010.
Copyright © 2011 AltAssets
China’s sovereign wealth fund, China Investment Corporation (CIC), has increased its allocation to alternative assets in 2010, including private equity and infrastructure.
According to its Annual Report 201, CIC reduced its cash holdings as a proportion of total portfolio and further diversified its investment portfolios. It recorded annual returns of 11.7 per cent in 2010, the same as 2009. The cumulative annualised return was 6.4 per cent since its inception.
Lou Jiwei, chairman and CEO of CIC said in his message for the annual report that 2010 was a year of substantial growth and accomplishment for CIC. As CIC fully deployed the investible capital in its global portfolio, it continued to develop its organisation and build its institutional capabilities. CIC earned a satisfactory return for its shareholder and continued to manage the risk profile of its invested portfolio effectively.
He said, “Expiration of stimulus programs in some countries, global upward inflationary pressure fueled by surging commodity prices, the emerging sovereign debt crisis in the Euro zone combined with elevated unemployment an fragile economic recovery in the US, threatened to derail economic stability and growth around the world. As a result, the global investment environment was unstable and the economic outlook was unpredictable.
“We reduced our cash holdings and increased our investments in alternative assets with a view to further diversifying our portfolio. We entered the year with 32 per cent of our global assets in cash and ended the year with cash accounting for only four per cent and $35.7bn worth of newly deployed investment. As a long-term investor, deployment of our capital in 2010 was weighted towards private equity, infrastructure and other direct investments, guided by our strategic asset allocation plan,” he added.
CIC was initially capitalised with $200bn in foreign reserves purchased from the People’s Bank of China , China’s central bank, with the proceeds of the government bond issued by the Ministry of Finance in the amount of RMB1.550bn.
Alternative investments, including private equity, comprised 31 per cent of the fund’s allocation in 2010. Total assets as of December 2010 amounted to $409.58bn
Copyright © 2011 AltAssets
Tudou.com, a Chinese video sharing platform in the vein of YouTube, has raised a further $50m, closing off a Series E funding round that saw Singapore sovereign investor Temasek put up $35m.
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China venture capital and private equity investor First Eastern Investment Group is preparing to launch a Dubai-focused investment fund, according to the Financial Times.
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Industry executives believe that China’s private equity industry could grow to ten times its current size in the next few years, according to Reuters.
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China’s national pension fund, National Social Security Fund (NSSF), is set to increase its private equity and venture capital investments to in the coming year, according to reports.
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China Investment Corporation, China’s sovereign wealth fund, is on a global hiring run to bolster its operations as it continues to make investments overseas.
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If ever there were a case of “a chart tells a thousand words”, it’s this one, courtesy of The Economist and Macquarie Research:
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Without question, China has quickly become the new economic growth frontier, says Igor M. Sill of Geneva Venture Partners. Pursuing investment opportunities in China have become far easier as a result of recent changes in China’s law. Until just three years ago, China did not have an enabling law for the formation and availability of venture capital funds. Without such a law, substantial capital from China's private sector could not be effectively channeled into development of a high-tech sector for venture funding.
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