Baby Pictures mobile app Qinbabao closes Series B funding led by China’s Fosun Group

Baby Pictures mobile app Qinbabao closes Series B funding led by China's Fosun Group

Qinbabao, a mobile app that allows users to post, share and store baby pictures or videos, has recently raised its series B funding round led by China’s global investment firm, Fosun Group.

Existing investor ShunWei Capital, a China-focused venture capital fund who has invested in iQiyi and online learning platform, 17zuoye has also participated in the round, which is reportedly said to be in tens of millions of U.S. dollars.

“Family expenditure surrounding children will be the biggest driver of China’s future consumption market,” said Li Rui, a partner at Shunwei Capital. “Qinbaobao can create multiple family consumption entry points based on its child-centric business model, affording it great potential.”

Founded in 1992, Shanghai-based Fosun Group has been involved in a number of industries segments which include health, lifestyle, property development, and mining. This latest investment follows the Chinese investment firm’s US$450 million funding in Babytree, a Chinese parenting portal in November 2016.

Commenting on the investment, Guo Guangchang, the chairman of Fosun Group said, “Since 2015, Fosun’s investments have been focused on business-to-family projects. Services tailored to children is undoubtedly the most important part of this space.”

Since 2007, its holding company Fosun International has been listed on the Hong Kong Stock Exchange (HKEX), and the investment firm focuses on capital provisions not only in China but on the global level as well. The company, to date, has investments in over 50 projects worldwide.

Besides, Fosun International Ltd has made a number of acquisitions in the past few years investing in the likes of Club Mediterranee SA, a French resort chain and Studio 8, a Hollywood movie producer. Additionally, it has been the first Chinese firm to invest in a state-owned high-speed railway project.

Launched in 2013, Qinbaobao claims to have 20 million users, who share and store baby pictures and videos. The mobile app also provides a networking platform, forming a mobile community of young families.

Besides, the Chinese mobile app also features parenting guides such as expert tips on baby care, nutritional recipes, storage for baby records as well as fairytales and nursery rhymes for toddlers.

With the latest proceeds from the new round, QinBaoBao will use it to improve its mobile application, marketing, and user expansion as well as for new approaches to monetisation.

By Vivian Foo, Unicorn Media

Dasin Retail Trust seeks Singapore IPO to raise US$84.5 million

Dasin Retail Trust seeks Singapore IPO to raise US$84.5 million

A business trust holding three shopping malls in China’s Guangdong province is looking to raise at least 586.4 million yuan (about US$84.5 million) through an initial public offering on the Singapore Exchange (SGX) mainboard.

On Wednesday night, Dasin Retail filed a preliminary prospectus with the Monetary Authority of Singapore, not disclosing its pricing or the number of units that would be in the retail and placement tranches.

The trust is however said to have an indicative market cap of S$439.7 million (about US$303.2 million).

“Units will be offered to institutional investors under a placement tranche as well as a public offering here, subject to over-allotment options,” said the trust manager Dasin Retail Trust Management in the preliminary prospectus.

It is also added that Dasin Retail Trust will benefit in terms of acquisition growth in the Pearl River Delta region where the sponsor – Zhongshan Dasin Real Estate has an active real estate presence.

Besides, Zhongshan Dasin Real Estate has also been granted the rights of first refusal (ROFR) to the trust manager for 14 completed and uncompleted properties.

Dasin Retail Trust operates as a real estate company with its key investment mandate focusing on investing, claiming ownership or developing land, uncompleted developments and income-producing real estate in Greater China, which are mainly commercial-based.

The trust’s initial portfolio comprises of three retail malls – Xiaolan Metro Mall, Ocean Metro Mall, and the Dasin E-colour shopping mall – all of which are located in Zhongshan City. The three malls combined have a total gross floor area of about 314,884.9 square meters and were valued at 4.6 billion yuan at June 30, 2016.

Additionally, two cornerstone investors – China Orient Asset Management (International) Holding and Haitong International Investment Fund SPC has also invested 120.8 million yuan (about S$25 million) in the trust.

The role of the sole financial adviser, global coordinator and issue manager for the proposed listing was appointed to DBS Bank, which will also act as the joint bookrunner and underwriter alongside Bank of China and Haitong International Securities.

By Vivian Foo, Unicorn Media