Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

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.

LATEST
Haier Smart Home Sees Profit Drop as Revenue Grows
Trending in China: Can You Stop People Giving ‘Too Much’ Money to Their Favorite Live-Streamers?
Trending in China: Concerns Over Traditional Chinese Comedy ‘Selling Out’ In the Digital Age
ByteDance Doubles Down On Education
Chinese Biotech Firm Gracell Nets $100m From Wellington, OrbiMed, Others
Alibaba’s Hometown Could Become First in China to Issue Facial Recognition Ban
Battery and Hybrid Cars Will Dominate China’s Roads in 15 Years
Trending in China: Do The Sins Of The Father Fall On Their Sons? Social Media Lambast Pop Star with ‘Deadbeat’ Dad
Chinese Electronics Panel Maker CSOT Reports Profit Growth as Demand Soars
Xiaomi Invests in Home Improvement Firm Amid Push into Internet of Things
TikTok Escalates Patent Fight With Triller Amid Sale Talks
Chinese Self-Heating Hot Pot Brand Zihaiguo Nets Over $50m in Series C Round Led by CICC
Xiaomi Leads India’s Smartphone Market with 26.1% Share
Trending in China: Are China’s Blue-Collar Wages Really Higher Than Graduate Salaries?
Trending in China: An End to Spam Calls? Real Estate Company to Give Money to Anyone Who Receives One
Trending in China: Patriotic War Film Overpowers Foreign-Made Feature, But Not Everyone Is Impressed
Shopify Partners with TikTok to Drive Online Sales
Lawson Tests Next Step of Convenience Store Evolution in China
PUBG Creator Krafton Hires Bankers for Possible Record IPO
Mobile Browser Crackdown Ensnares Big Names
Tencent Leads Over $100m Funding in Pet Clinic Operator New Ruipeng

By Deal Street Asia / Sep 30, 2020 02:00 PM / Finance

New Ruipeng Pet Healthcare Group Co., Ltd, a specialist providing medical care services for pets, said on Tuesday that it has pocketed “hundreds of millions of US dollars” in a funding round led by Chinese tech giant Tencent.

The fresh fundraising brings its market valuation to nearly 30 billion yuan ($4.4 billion), according to the company statement. The funding round saw participation from two strategic investors — real estate developer Country Garden’s investment vehicle Country Garden Venture Capital, and global pharmaceutical giant Boehringer Ingelheim.

A slew of investors also joined the current round including alternative investment manager Snow Lake Capital, OrbiMed, Aspex Management, and Lake Bleu Capital.

Located in Southeast China’s Shenzhen, New Ruipeng is a healthcare solutions developer for pets. It operates four business verticals — Great Pet Doctor, Runhe Supply Chain, Duoyue Education Group, and Medical Information Group.

Since its inception in 2013, the pet care provider has set up more than 1,400 hospitals and clinics comprising Ruipeng Pet Hospital, Concordia Pet Care, Puppy Town Animal Hospital, and Animal Medical Center, among others.

Aside from medical services, New Ruipeng also offers pet beauty solutions, food, and other products.

On September 17, New Ruipeng forged partnerships with e-commerce giant JD.com for sales network extensions on pet foods and products. In August, it co-worked with Chinese internet-based consumer service group Meituan to develop its online-to-offline marketing management and supply chain.

“We will deploy the proceeds to facilitate the primary care networks, improve the medical system, integrate the sectors of supply chain, education, information internet, diagnosis, and cultural media, and advance the smart retail ecosystem through WeChat,” said Yonghe Peng, co-president and CEO, New Ruipeng, in the statement.

Before the latest round of funding, CICC Capital, Riverhead Capital Investment Management, and Chongyisheng had together made an undisclosed equity financing in New Ruipeng in August 2020. In the same month, Hillhouse Capital also made a strategic investment in the company.

Its early-stage investors include Everbright Securities, Industrial Securities, Fortune Capital, Orient Securities, Northeast Securities, and TFTR Investment.


Share this article
Open WeChat and scan the QR code