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China Digest: Drug developer Hope nets $56m; biotech firm Yikon raises $39m
Source: Laurynas Mereckas/Unsplash
May 6, 2021
Chinese innovative drug developer Hope Medicine has secured $56 million in a funding round led by investment firms Qiming Venture Partners and Grand Flight Investment, while biotech firm Yikon Genomics has raised 250 million yuan ($38.6 million).
Qiming, Grand Flight lead $56m round in drug maker Hope
Chinese drug developer Hope Medicine has secured $56 million in a Series B round of financing jointly led by investment firms Qiming Venture Partners and Grand Flight Investment, the startup announced on Thursday.
Health-focused investment platform HighLight Capital; Sinovation Ventures, a technology venture capital (VC) firm led by former Google China head Kai-Fu Lee; alongside growth equity firm Trustbridge Partners, which had backed Hope’s Series A round in 2019, all poured capital into the new round.
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China regulators slap $2.75 billion fine on Alibaba for anti-monopoly violations
The State Administration for Market Regulation (SAMR) said that after an investigation launched in December, it had determined that Alibaba Group had been abusing market dominance since 2015
Reuters | April 10, 2021 | Updated 07:59 IST
Chinese regulators have fined Alibaba 18 billion yuan ($2.75 billion) - around 4% of its revenues in 2019 - for violating anti-monopoly rules and abusing its dominant market position.
The State Administration for Market Regulation (SAMR) said that after an investigation launched in December, it had determined that Alibaba Group had been abusing market dominance since 2015 by preventing its merchants from using other online e-commerce platforms.
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