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The Burden of Time Equipment Rental for Third SE Asia Deal Can Secondary Investors Capitalize on Certain Asian Gps’ Day of Reckoning? Page 7 Page 12 Asia’s Private Equity News Source avcj.com March 24 2015 Volume 28 Number 11 EDITOR’S VIEWPOINT Consumers are key to China used car deals Page 3 NEWS Bain, ChrysCapital, Creador, Elixir, Equinas, Hahn & Co, IFC, INCJ, Kedaara, Sailing, Sequoia, TPG, Valiant Page 4 FOCUS Will China lead the world in intelligent automobiles? Page 11 DEAL OF THE WEEK TA looks past Alipay and finds value in YeePay’s offline angle Page 12 China’s CDH targets The burden of time Equipment rental for third SE Asia deal Can secondary investors capitalize on certain Asian GPs’ day of reckoning? Page 7 Page 12 FUNDS PORTFOLIO Cross-border cures Tapping into tipple Vivo raises $750m for Sino-US healthcare Page 13 CHAMP PE’s Accolade Wines tunaround Page 14 Anything is possible if you work with the right partner Unlocking liquidity for private equity investors www.collercapital.com London, New York, Hong Kong EDITOR’S VIEWPOINT [email protected] Managing Editor Tim Burroughs (852) 3411 4909 Staff Writers Andrew Woodman (852) 3411 4852 Winnie Liu (852) 3411 4907 The consumer Holden Mann (852) 3411 4964 Creative Director Dicky Tang Designers Catherine Chau, Edith Leung, counts Mansfield Hor, Tony Chow Senior Research Manager Helen Lee Research Associates Herbert Yum, Jason Chong, Kaho Mak ONLINE USED CAR TRADING PLATFORMS share has seen rebates liberally distributed Senior Marketing Manager in both India and China have received capital among dealerships in return for business. As a Sally Yip from private equity investors in the past week. result, margins are thin. Circulation Administrator The deals threw up a number of interesting Consumer-facing segments, on the other Prudence Lau industry statistics. hand, offer more scope for value added services Subscription Sales Executive First, India, where trading platform Mahindra and higher margins. This involves facilitating sales Jade Chan First Choice Wheels (MFCWL) raised $15 million of vehicles by consumers to used car wholesalers Manager, Delegate Sales from Valiant Capital Management, a San (C2B) or, more commonly for VC-invested Pauline Chen Francisco-based hedge fund. The country sees businesses, operating a platform through which Director, Business Development 3.2 million used cars traded each year, which these wholesalers sell on the vehicles to a new Darryl Mag means the second-hand market is already bigger batch of consumers (B2C). Manager, Business Development than the market for new vehicles. It is expected In this context, the other significant Anil Nathani, Samuel Lau to be nearly twice the size of the new car market investment last week in a used car trading Sales Coordinator within five years. platform – which saw KKR team up with search Debbie Koo China is, as it stands, the polar opposite. giant Baidu and US-based hedge fund sponsor Conference Managers There were six million used car transactions last Coatue to invest $170 million in Uxin – makes Jonathon Cohen, Sarah Doyle, year, with passenger vehicles accounting for 3.5 sense. Uxin is the prime mover in the B2B space Conference Administrator million of them. New car sales were much higher, through Youxinpai, competing against Cheyipai, Amelie Poon coming in at 23.5 million units. The implication another VC-backed group. It will use the new Conference Coordinator Fiona Keung, Jovial Chung is that the second-hand market in China could injection of capital to drive expansion into B2C be poised for extraordinary growth. Indeed, it is services, having recently launched a platform Publishing Director worth noting that two-and-a-half times more dedicated to connecting auto retailers with used Allen Lee used cars than new cars are traded each year in car buyers. the US. This doesn’t necessarily signal a lack of The question for investors seeking exposure confidence in B2B. For example, one key Incisive Media to this anticipated growth is where to enter. difference between the Chinese and US markets Unit 1401 Devon House, Taikoo Place Substantial amounts of capital have been is the former has yet to see a critical mass of 979 King’s Road, Quarry Bay, Hong Kong deployed in the industry, most of it targeting the supply coming from car rental companies T. (852) 3411-4900 business-to-business (B2B) space, i.e. wholesalers (fleets are still relatively young). However, this is F. (852) 3411-4999 E. [email protected] and dealerships trading used vehicles amongst gradually changing and it should have a positive URL. avcj.com themselves. But is this the best course of action? impact on the B2B players’ margins. Beijing Representative Office The underlying thesis is strong: Private Rather, first of all, Uxin is looking to broaden its No.1-2-(2)-B-A554, 1st Building, Anything is possible No.66 Nanshatan, capital wants to be a force for disintermediation, coverage of the used car industry with a view to Chaoyang District, Beijing, taking advantage of information asymmetries extending its dominance. (When Waburg Pincus People’s Republic of China T. (86) 10 5869 6203 and inefficient distribution channels. Through a invested in the company last year comparisons F. (86) 10 5869 6205 if you work with the right partner combination of scale and technology – online were drawn with the emergence of Manheim E. [email protected] trading platforms completed by offline centers as a leading player, albeit in a pre-digital age.) at which buyers can literally kick the tires – Second, there is a recognition that many of the The Publisher reserves all rights herein. Reproduction in whole or the objective is to make trading less opaque, most valuable online and mobile services are in part is permitted only with the written consent of AVCJ Group Limited. removing the inherent distrust that exists predicated on consumer engagement. ISSN 1817-1648 Copyright © 2015 between buyer and seller. B2B platforms certainly achieve scale but it remains to be seen whether this can translate into profit. Acting as an online intermediary Tim Burroughs Unlocking liquidity for private equity investors between wholesalers brings with it limited Managing Editor bargaining power, while the battle for market Asian Venture Capital Journal www.collercapital.com London, New York, Hong Kong Number 11 | Volume 28 | March 24 2015 | avcj.com 3 NEWS ASIA PACIFIC China used car platform Sailing makes partial exit gets $170m round from Israel-based Mobileye TPG adds UTC executive to KKR has teamed up with search giant Baidu and Sailing Capital has raised $77.5 million by selling US-based hedge fund sponsor Coatue to invest a portion of its shares in Mobileye, an Israel-based Asia operations team $170 million in Uxin, a Chinese online used car road accident avoidance technology developer TPG Capital has appointed Zubin Irani, previously auction company best known for B2B platform that went public in the US in August last year. The of United Technologies Corporation (UTC), Youxinpai. GP sold about 1.9 million shares at $40 apiece, as a managing director within its Asia Pacific The capital will be used to support Uxin’s according to people familiar with the situation. operations group. Irani, who is relocating from expansion in the B2C space, following the launch New Delhi to Singapore for his new role, will of Uxin Used Car, which connects auto retailers to Hong Kong’s Nest appoints focus on building out the private equity firm’s used car buyers. operations capability, and help implement ex-Intel executive performance improvement and talent Hong Kong-based seed investor Nest has management initiatives for portfolio companies. appointed Peter Dingle, formerly of Intel Corporation, to lead its newly-established Branded Accelerators program. Under the AUSTRALASIA new initiative, Nest will customize accelerator programs for different multinational corporations. Chile’s Grupo Arcano to back Australian start-ups Sequoia backs Noah’s Chilean private equity firm Grupo Arcano plans to online financial platform invest up to $100 million over the next two years Sequoia Capital has invested in Shanghai Noah in Australian start-ups. It will focus on companies Founded in 2011 by executives from listed Yijie Financial Tech, an internet finance subsidiary developing technology for healthcare, energy online auto advertising business BitAuto, Uxin is owned by Noah Holdings. The investment will production, e-learning and agriculture. already a dominant B2B force through Youxinpai. be used to strengthen the platform’s offering in It is China’s largest used car auction site with a areas such as mutual funds, insurance and US VentureCrowd partners 47.8% market share by transaction volume in dollar-denominated investment products. with Sydney Angels the first half of 2014, according to consultancy iResearch. Taiwan incubator raises Equity crowdfunding platform VentureCrowd has When Warburg Pincus and Tiger Global formed a partnership with angel investor group Management led a $260 million round for Uxin $50m start-up fund Sydney Angels in order to allow start-ups to tap in September 2014, the online offering was AppWorks, a Taiwanese incubator, has raised new sources of capital. The tie-up means that complemented by six offline centers providing NT$1.5 billion ($50 million) for a new fund to Sydney Angels - which has made 35 deals since auctions and other services, and it had worked support domestic internet start-ups. The vehicle, it was formed in 2008 - will refer its start-ups to with about 15,000 car sellers. Now Uxin claims AppWorks Fund II, has received commitments the platform. to employ over 1,000 specialists in 50 Chinese from a number of Taiwanese corporations and cities who inspect and certify the quality of used financial institutions. vehicles sold via its platforms. The company GREATER CHINA facilitates more than 150,000 transactions each year. NORTH ASIA Tiantu commits $32m in INCJ invests in laser dining mobile app made its first director investment in Israel.
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