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.

Tencent Reportedly Negotiating Risk-Mitigation Measures to Retain U.S. Gaming Investments
Foxconn to Set Up Chipmaking Joint Venture with Yageo
Excluding Chinese Vendors from Indian 5G Trials Will Hold Back Development, Diplomat Says
Alibaba-Backed MYBank Eyes Deeper Penetration Into Under-Banked Rural China
Vivo and Oppo Claim Top Two Spots in China Smartphone Market as Huawei Falls
U.S. Urges TSMC to Prioritize Supplies to American Carmakers Grappling with Global Chip Shortage
Indonesian Ride-Hailing Unicorn Gojek Aims to Go All Electric by 2030
Tencent-Backed Insurtech Firm Waterdrop Aims to Raise up to $360 Million in U.S. IPO
Which Money-Losing Electric-Car Makers Have Tied Up With Huawei?
Video Platform Bilibili to Buy Stake in Mobile-Game Maker CMGE to Boost Content
Baidu to Roll Out Driverless Robotaxis in Beijing in May
Tesla Challenger Nio Shrinks Losses as Sales Surge
Trending in China: A Beijing Bureaucrat Worked as Delivery Driver for a Day and Earned Just $6
Fjord Focus: Why Are Chinese Electric-Car Makers Flocking to Norway?
Alibaba Has Big Plans for Taobao’s Livestreaming Hawking Business
Xiaomi Extends Reign as India’s Smartphone King Despite Slipping Market Share
Self-Driving Truck Startup Plus to Develop Natural Gas-Powered Vehicle With U.S. Engine-Maker
China’s Origin Space Launches Prototype to See How Well It Cleans Up Space Junk
Trending in China: Is Bubble Tea for Tesla Really Such a Bad PR Effort?
TikTok to Set Up European Transparency Center to Ease Data Security Concerns
SBCVC-Backed Dingdang Kuaiyao Nets $150m in Series B+ Round

By DealStreetAsia / Oct 21, 2020 05:49 PM / Finance

SoftBank China Capital (SBCVC)-backed Chinese online-to-offline medicine platform Dingdang Medicine Express (Beijing) Technology Co., Ltd, also known as Dingdang Kuaiyao, has secured 1 billion yuan ($150 million) in a Series B+ round of financing, according to a company statement on Tuesday.

Chinese insurance and financial service provider Taikang Insurance Group, Haier Biomedical and Longmen Investment were the three new investors joining the round.

Existing investors who re-upped in the round were SBCVC, China Merchants Bank’s CMB International Corporation Limited, and Sinopharm-CICC, a healthcare-based joint fund co-launched by state-owned Sinopharm Group and CICC Capital in 2016.

China Renaissance acted as the financial advisor for the transaction.

Prior to the latest round, Dingdang raised an undisclosed sum from state-owned HuNan Hi-Tech Investment Group and Beijing-based asset management player Skycus Capital earlier in August 2020.

In 2019, SBCVC had led a $90-million Series B round funding in Dingdang Kuaiyao with the participation of Sinopharm-CICC, CMB International and CICC Qizhi. In 2018, SBCVC had exclusively invested $45 million in Dingdang Kuaiyao.

The company will deploy the latest proceeds towards market expansion, product and service innovation, as well as business ecosystem advancement.

Set up in 2014, Dingdang is a mobile-friendly, drug-selling platform that aims to door-deliver drugs within 28 minutes. It operates in 10 provinces and cities in Beijing, Shanghai, Guangdong, among others.

The platform also offers online medical consultation services since 2018. “Dingdong has operated thousands of physical stores across Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Tianjin, Nanjing, Hangzhou and Wuhan,” said Xiaowei Ni, CEO, Haier Biomedical, in the statement.

Zhuhai Dingdang Sihao Investment is the largest shareholder in Dingdang Kuaiyao with a 21.89 per cent stake, while founder and CEO Wenlong Yang owns 14.16 per cent. Its major shareholders include SBCVC (8.53%), CMB International (7.47%), Tong Dao Capital (6.84%) and CICC Qizhi (2.82%).

Contact editor Marcus Ryder (

Related: ByteDance Gets Into Online Health With Acquisition of Medical Encyclopedia Site

Share this article
Open WeChat and scan the QR code