China Roundup: Bilibili to raise $1.6b in debt, more

Video streaming app Bilibili to raise US$1.6 billion

• The company plans to sell convertible notes and use the proceeds to add more content to its platform and finance its debt.
• Bilibili’s revenue in the third quarter of 2021 jumped 61% to 5.2 billion yuan (around US$814 million) from the previous year, but its net loss doubled to 2.7 billion yuan (around US$423 million) in the same period.
• The company’s topline from value-added services, which includes livestreaming, surged 95% in Q3 compared to the same period last year.

3D vision startup raises US$22 million to build metaverse content

• Tanglang Huishi Technology has secured 138 million yuan (around US$22 million) in a series A round led by Shang Tang AI Fund, with participation from Wenxing Shengshi, Putuo Investment, and existing investor Mantis Vision.
• Tanglang Huishi plans to use the fresh funds to develop software and hardware for 3D technology, which can become a basis for metaverse content.
• The startup recently launched a platform called Ring Studio that can record holographic 3D videos and allow users to do holographic livestreaming.

Robotics company Zbeetle secures US$16 million

• Zbeetle bagged the amount across two rounds of funding.
• The first round was co-led by Cathay Capital and Zoo Capital, while the second fundraise was led by Ince Capital and Maison Capital. Cathay Capital and Zoo Capital also participated in the second round.
• Founded earlier this year by a former Microsoft employee, Zbeetle focuses on building home service robots such as floor cleaning machines.

Smart glasses maker bags US$15.7 million series A+ funding

• Hangzhou Guangli Technology raised the amount from new investors Full Harvest Asset Management and Songyang Industry Fund, as well as from existing backers Ivy League Capital, Linear Capital, and Vertex Ventures.
• The company plans to use the fresh money to build new products and improve its mass production and delivery capabilities.
• The funding follows the firm’s launch of its holographic device Holoresin and smart underwater goggles Holoswim earlier this year.

Alibaba pours US$6.3 million into ride-hailing firm Letzgo

• The ecommerce giant will buy 10% of Letzgo’s shares, while the stake of the startup’s parent firm, Dazhong Transportation, will be reduced from 52% to 46.8%.
• Prior to this investment, Alibaba backed a similar company, bike-sharing firm Hello Chuxing. The tech giant also operated a ride-hailing service of its own through its subsidiary AutoNavi.
• As the first company to get a ride-hailing license in Shanghai in 2015, Letzgo currently has over 10,000 registered drivers.

Hillhouse Capital taps Xishan government to set up US$783 million fund

• The venture capital fund will focus on investing in biotechnology, carbon neutrality, and manufacturing.
• Aside from the new fund, both parties will build the Hillhouse Deep Technology Innovation Center in the Xishan district in Wuxi to help nurture local tech startups.
• Hillhouse Capital will also work with educational, research, and technology institutions to develop entrepreneurial projects.

Electric vehicle maker Hozon to raise up to US$1 billion in pre-IPO round

• Hozon is reportedly raising between US$800 million and US$1 billion in a new funding round.
• The owner of the Neta brand is considering an initial public offering in Hong Kong next year, according to sources. Prior to that, the company considered listing in Shanghai, but abandoned the plan because of scrutiny from the Chinese government.
• Founded in 2014, Hozon has released three electric vehicle models in China.

Currency converted from Chinese yuan to US dollar: US$1 = 6.38 yuan.