Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Trending in China: Merchants and Netizens Forced to Pick Sides in Fight Between Delivery Firms
Baidu-Backed Video Streamer iQiyi Probed by U.S. Regulator After Short Seller’s Report
AI Unicorn SenseTime Is Said to Mull Hong Kong, China IPO
Huawei Copies Korean Rivals by Manufacturing Own Display Driver Integrated Chips
JOYY’s Livestreaming Revenue Up 40% in Second Quarter of 2020
Trending in China: ‘Mukbangs’ Under Fire in China Amid High Level Food Waste Campaign
Trending in China: How Will the Chinese Diaspora Survive a WeChat Ban In U.S.?
Online Platform Buys into Bricks and Mortar Convenience Store Chain
China Unicom Profits Rise in First Half, Stock Soars
ByteDance in Talks with Indian Conglomerate Over TikTok Amid Layoff Fears
Alibaba’s Zhang Yong Tops 2020 Forbes China Best CEOs List
Trending: Family Feud Raises Big Questions Over Succession in China’s Multi-Million “Family” Businesses
Shanghai-Listed Foxconn Internet’s Cloud Service Sales Up 4% in First Half of 2020
U.S.-Listed Chinese Companies Nio and Huya Have Something to Cheer About
Apple Edges Huawei Out of No. 1 in Quarterly Tablet Shipments
Chinese Finance Platform Lufax Files for U.S. IPO of up to $3 Billion
China Mainland Leads U.S. in Fortune Global 500 Companies But Trails in Profitability
Trending in China: Tencent – Fighting Youth Unemployment or Enemy of Older Workers?
Tencent Pushes for Merger That Would Create $10 Billion Chinese Twitch
Tencent Music to Establish Joint Venture with Universal Music
China’s Group Buying Platform Xingsheng Selected Nears $800m Deal

Eudora Wang / Jul 27, 2020 06:20 PM / Business & Tech

Chinese community group buying e-commerce platform Xingsheng Selected is set to raise about $800 million in new funding after the coronavirus pandemic strengthened consumer demand for fresh groceries, said two people with direct knowledge of the matter.

New York-based buyout giant KKR & Co is understood to be leading the round. Other investors including Sequoia Capital China and Huaxing Growth Capital, the flagship investment platform of China Renaissance, are expected to participate, said the sources, who declined to be named because the information is private.

The total transaction value of the deal could reach approximately $800 million, according to one of the sources.

KKR declined to comment on the information. Xingsheng Selected and other investors did not respond to DealStreetAsia’s inquiries.

The company’s fundraising development comes as China’s online-to-offline (O2O) grocery businesses are gaining good traction during the COVID-19 outbreak that has forced people to stay at home and reduce human interactions. An array of top-notch investors has already made new bets in the field in the first half of 2020.

Only one day earlier, Beijing-based online grocery platform Missfresh pocketed $495 million in a new investment led by CICC Capital, with participation from Tencent, Goldman Sachs Asset Management, Tiger Global Management and other investors.

In June, Tongcheng Life raised $200 million in a Series C round led by Nasdaq-listed Chinese social media platform Joyy Inc and existing shareholder Engage Capital. The company sought to enhance its supply chain capabilities and expand its presence in eastern and southern China.

Nice Tuan, a community e-commerce service also known as “Shihuituan,” also secured another $81.4 million in a Series C1 round led by GGV Capital this June – five months after the completion of an $88.3-million round. Alibaba, Beijing-based angel fund ZhenFund, Joy Capital, and Shanghai-based Qiming Venture Partners were among investors in the two rounds.

Changsha-based Xingsheng Selected is a community group-buying platform incubated by Rurong Xingsheng, a convenience store chain operator with a strong footprint in southern and central China. The new retail business allows consumers to purchase fresh produce and other daily supplies through a WeChat mini-programme, and then pick up the products from branded convenience chain stores in their neighbourhood.

Also backed by Chinese supply chain-focused fund Eastern Bell Capital, the company currently has a presence across 13 provinces and municipal cities in China. Its gross merchandise volume (GMV), a metric used in the e-commerce sector to measure transaction volumes, reached 10 billion yuan ($1.4 billion) in 2019. An average of more than seven million orders are placed on the platform every day, shows the company website.

In September 2018, Xingsheng Selected raised tens of millions of U.S. dollars in a Series A round of financing led by Kathy Xu Xin, managing partner of Capital Today and an early backer of Chinese Internet firm NetEase and e-commerce major

Global investment firm GSR Ventures and Beijing-based angel fund ZhenFund participated in the previous round.

This article was originally published by Deal Street Asia

Contact editor Heather Mowbray (

Share this article
Open WeChat and scan the QR code