News Digest – Week of June 1 – Startups Are Still Raising Funds

A Wuhan-based startup has closed a large funding round and the booming delivery platform Dada is seeking a US IPO.

Wuhan-based chip design startup closes USD 25.3 million Series B round

Wuhan-headquartered integrated circuit (IC) designer Silicon Integrated has scored RMB 180 billion (USD 25.3 million) in its Series B round led by CTC Capital and with the participation of Allin Capital and Jiangmen Investment Fund, 36Kr reported on Monday.

Chinese delivery platform Dada Nexus seeks US IPO

Dada Nexus, a leading on-demand retail and delivery platform in China, has filed for an initial public offering (IPO) on the US stock market.

The company plans to list on the Nasdaq under the symbol “DADA,” by offering 16.5 million American Depositary Shares (ADSs) at a price range of $15 to $17 apiece, according to its prospectus filed Monday with the US Securities and Exchange Commission.

Turning to China, the capital markets have begun to be more active as the COVID-19 situation has become more stable. In just the past week, in addition to the two companies mentioned above, several companies have shown positive financing results.

1.Industrial drone maker iKingtec secures USD 25.3 million in Series B round

2.Group-buying platform Nice Tuan scores USD 81.4 million investment led by GGV

3.Didi Chuxing’s autonomous driving unit closes USD 500 million round led by SoftBank

4.BYD Semiconductor raised USD 270 million, setting stage for IPO

5.Social and grocery e-commerce startup Nice Tuan closes round C+ fundraising

6.Online grocery delivery firm Dada Nexus to raise up to USD 280.5 million in US IPO

7.NetEase launches secondary Hong Kong IPO to raise USD 2.8 billion

8.Chinese e-commerce platform Oriental Culture Holding seeks US IPO

TO SEEK US IPO. Will Chinese companies succeed?

The US Senate has passed a bill restricting IPOs of Chinese firms on US exchanges. The drumbeat escalated last month in light of the recent fraudulent activity at Luckin Coffee. With both political parties looking to appear tough on China in this election cycle and the next few years, there’s little doubt this bill will become law.

And We’ll do a detailed article in the next issue by Art Dicker.

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