China’s Yonghui Superstores’ Fresh Food Unit Raises $153m from CICC, Tencent, Others
By DealStreetAsia / Dec 14, 2020 02:57 PM / Finance
Yonghui Fresh Food, the fresh produce-based business-to-business (B2B) platform of Chinese leading supermarket group Yonghui Superstores, has secured a corpus of 1 billion yuan ($153 million) in a strategic investment jointly led by Chinese tech giant
Tencent and
China Merchants Bank,
Greenwoods’ investment arm
Existing investors including
Hillhouse Capital, and
Sequoia Capital China re-upped in the round.
In 2018, Yonghui Superstores, Hillhouse, Sequoia and others had teamed up seeding 950 million yuan ($145 million) in a Series A round funding in Yonghui Fresh Food.
Upon completion of the transaction, Yonghui Superstores will remain as the largest shareholder in Yonghui Fresh Food holding a 32.33 per cent stake, down 2.67 per cent. Hillhouse Capital and Sequoia Capital China will remain as the second- and third-largest shar