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
Chinese Carmaker Dongfeng Pilots Robotaxi Service in Wuhan
Trending in China: China Show Love For Beijing-Born Chloe Zhao and her Historic Golden Globes Win
Tencent Invests in Tim Hortons as Canadian Coffee Chain Embraces Digitalization
ByteDance Seeks to Grow Online Education Business with New Recruitment Drive
Pinduoduo Faces Work Culture Questions After Staff Deaths
Investment Gains Boost Tesla Challenger Li Auto to First Profit
Geely-Backed Smart Vehicle Tech Startup Eyes Global Expansion With New Funding
Foxconn Deepens Push Into Electric Car Manufacturing with Fisker Partnership
Flying Carmaker EHang Completes Cold-Weather Test Flights in Beijing
China Outspends Rest of the World on 5G Infrastructure By 2-to-1
Chinese Ride-Sharing Giant Didi Plans Entry Into Europe
Video Streamer Bilibili’s Revenue Nearly Doubles, Shares Rise
Forbes Names China’s Top 100 Businesswomen of 2021 With 40 New Entries
China’s Electric Vehicle Sales Expected to Grow 51% This Year, Research Firm Says
Chip Startup Horizon Robotics Joins Hands with Automaker to Develop Smart Cars
Chinese Copycats Rush in as Clubhouse is Blocked in China
Honor of Kings Retains Top Spot as World’s Highest-Earning Mobile Game
Trending in China: Employee Punished After Gaining Beijing Residency Rights Then Quitting Firm
Industrial Software Startup Eyes Southeast Asia With Latest Funding
Alibaba-Backed Lender MYBank is One of First Privately Owned Banks to Join Digital Yuan Pilot
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