Acquisitions in China

BCKD Capital announced that its holding company platform, SVCV Holding Company, is acquiring Hyped Media, a Hong Kong-based digital media company. Hyped Media owns a portfolio of digital outlets including TheBritExpress, CelebDispatch, TheWorldExpress, The Pose, and Le Protagonist. The deal is described as the first acquisition in SVCV’s newly launched multinational media portfolio as it pursues an acquisition-driven expansion strategy.

Vantage Corp, through its wholly owned subsidiary Vantage (BVI) Corporation, completed its previously announced acquisition of a 60% ownership interest in Peijun Marine Consultant Co., Limited. Peijun Marine is based in Hong Kong, and the transaction is intended to strengthen Vantage’s presence in Greater China and expand its tanker-market shipbroking and related consultancy capabilities.

Bain Capital closed the strategic sale of WinTriX DC Group’s China data center business, operating as Chindata, to a consortium led by Shenzhen Dongyangguang Industry Co., Ltd. (HEC). The transaction valued the business at approximately $4 billion and was described as the largest deal in China’s data center industry.

Pixelworks, Inc. completed the sale of its shares in Pixelworks Semiconductor Technology (Shanghai) Co., Ltd. ("Pixelworks Shanghai" / PWSH) to a special purpose entity led by VeriSilicon Microelectronics (Shanghai) Co., Ltd. The transaction transferred all outstanding capital stock of Pixelworks Shanghai to the buyer and generated approximately RMB 357 million (about $51 million) in net cash proceeds for Pixelworks, with an additional RMB 8.7 million (about $1.2 million) held in escrow pending resolution of certain China tax matters.

Semify acquired Hong Kong-based Dragon Metrics, an international SEO, AI, and PPC reporting software platform, to expand its global digital marketing and AI Optimization (AIO) capabilities. The deal adds multinational reporting, non-Google search ecosystem coverage across key Asian markets, and brings Dragon Metrics co-founder/CEO Simon Lesser to Semify as Chief Product Officer.

Warburg Pincus acquired Topcast Aviation Supplies Company Limited (Topcast), Asia Pacific’s largest independent distributor of civil aviation parts and a Maintenance, Repair, and Overhaul (MRO) service provider. Founded in 1991 and headquartered in Hong Kong, Topcast provides integrated civil aviation supply-chain solutions including aftermarket and OEM parts, consumables, buyer-furnished equipment, and repair/maintenance support, with operations across Asia Pacific, EMEA, and the Americas.

SUD, a gamification interactive (GI) platform, announced it has fully acquired COCOS, a lightweight general-purpose game engine, for USD 72 million. Following the transaction, COCOS’ business and team will be deeply integrated into SUD, with SUD’s GI Cloud and GI AD expected to support and expand COCOS’ developer ecosystem.

EQT Foundation made a €100k investment in Syngular Technology, a Hong Kong-based healthtech company developing an AI- and AR-powered surgical guidance platform. The investment was made via a SAFE and will support Syngular’s expansion across Hong Kong and its capacity build-out to meet growing clinical demand.

Kemin Industries acquired CJ Youtell Biotech, the enzymes and fermentation subsidiary of CJ Bio, to expand Kemin’s global enzyme innovation and production capabilities. The deal gives Kemin full ownership of CJ Youtell’s fermentation plants and enzyme product portfolio, including facilities located in Shandong and Hunan, China, supporting expanded R&D and improved manufacturing efficiency.

SES AI Corporation announced it has completed its previously announced acquisition of Shenzhen UZ Energy Co., Ltd., a provider of premium energy storage systems (ESS). The deal is intended to expand SES AI’s reach in ESS by combining UZ Energy’s established hardware platform and global customer base with SES AI’s software and AI-enabled battery safety/health monitoring capabilities.

XPEL, Inc. acquired the assets of its exclusive distributor for XPEL aftermarket products in China to expand its direct go-to-market presence in the world’s largest car market. The transaction structure results in XPEL owning a 76% interest in the China operating entity and was funded with a mix of cash, deferred payments, and contingent consideration.

Youlife International Holdings Inc. completed a business combination with Distoken Acquisition Corporation, resulting in Youlife Group Inc. as the publicly listed combined company. Youlife’s American Depositary Shares are expected to begin trading on the Nasdaq Capital Market on July 10, 2025 under the ticker “YOUL.” The transaction included a concurrent PIPE financing of approximately $27.0 million in gross proceeds to support Youlife’s strategic development.

Nidec Corporation acquired full ownership of Changzhou Xecom Energy Technologies Co., Ltd. on July 8, 2025, via its subsidiary Nidec Appliance Controls (Qingdao) Co., Ltd. Following the acquisition, Xecom became a consolidated subsidiary of Nidec and was renamed Nidec Scroll Technology (Changzhou) Co., Ltd., adding scroll compressor design and manufacturing capabilities for air conditioning, heat pumps, and refrigeration.

BGM Group Ltd. (NASDAQ: BGM) completed its acquisition of YX Management Company Ltd. on April 25, 2025. BGM acquired 100% of YX by issuing 47.5 million Class A ordinary shares to YX’s existing shareholders, implying a US$95.0 million valuation. The deal is intended to accelerate BGM’s AI-driven transformation and expand its AI-enabled intelligent platform across areas including intelligent mobility, insurance, and digital services.

Payoneer has completed its previously announced acquisition of Easylink Payment Co., Ltd., a licensed China-based online payment service provider. The deal makes Payoneer one of the few foreign payment platforms licensed to provide online payment services in China and strengthens its regulatory infrastructure to better serve customers with localized offerings.

XChange TEC.INC (NASDAQ: XHG) announced it has acquired a Hong Kong-based insurance brokerage firm licensed by the Hong Kong Insurance Authority. The deal provides XChange TEC.INC direct access to the Hong Kong insurance market and supports its Asia-Pacific growth strategy by enabling the launch of tailored insurance solutions for clients across China and international markets.

WiMi Hologram Cloud Inc. increased its ownership in MicroAlgo Inc. to a 67.65% equity stake, making it the controlling shareholder based on total shares outstanding as of March 27, 2025. WiMi also committed to a ten-year lock-up period for all MicroAlgo shares it currently owns to stabilize market expectations.

Baidu, Inc. entered into agreements with JOYY Inc. to acquire JOYY’s video-based entertainment live streaming business in mainland China, known as YY Live. The aggregate purchase price was approximately US$2.1 billion, and approximately US$1.6 billion previously held in escrow from an earlier, no-longer-effective agreement was fully released back to Baidu.

Restaurant Brands International (RBI) announced that an RBI subsidiary acquired all equity interests held by TFI Asia Holdings BV and Pangaea Two Acquisition Holdings XXIII, Ltd (Cartesian) in Burger King China for approximately $158 million in an all-cash transaction. Following the deal, RBI owns nearly 100% of Burger King China and plans to engage advisors to identify a new local operating partner that would inject primary capital and become the controlling shareholder.

BioNTech SE completed the acquisition of Biotheus, a clinical-stage biotechnology company focused on novel antibodies for oncology and inflammatory diseases. The deal strengthens BioNTech’s oncology strategy by providing full global rights to BNT327 and Biotheus’ broader pipeline and antibody technology platform, while adding R&D and biologics manufacturing capabilities in China.

Gamehaus Holdings Inc., a technology-driven mobile game publishing company, completed its previously announced business combination with Golden Star Acquisition Corporation, a publicly traded SPAC. Following shareholder approval on January 20, 2025, Gamehaus’ Class A ordinary shares are set to begin trading on the Nasdaq Capital Market under the ticker “GMHS” on January 27, 2025.

HUTCHMED agreed to divest a 45% equity stake in Shanghai Hutchison Pharmaceuticals Limited (SHPL) for approximately $608 million in cash to GP Health Service Capital Co. and Shanghai Pharmaceuticals Holding. SHPL is a China-focused joint venture that manufactures and distributes its own-brand prescription medicines, predominantly for cardiovascular diseases. HUTCHMED plans to use the proceeds to focus on its core oncology and immunology pipeline, including its antibody-targeted therapy conjugate programs.

Alibaba Group announced it will sell its shares in brick-and-mortar retailer Sun Art Retail Group to private equity firm DCP Capital for up to HK$12.3 billion (about $1.6 billion). Alibaba held more than a 70% stake in Sun Art, and the sale is part of Alibaba’s broader plan to divest non-core assets and focus on its core online commerce business.

POET Technologies completed the acquisition of Super Photonics Xiamen (SPX) by buying the remaining 24.8% equity stake from Sanan, giving POET 100% ownership of SPX. POET will pay US$6.5 million over five years (with an option for Sanan to convert payments into POET common shares) and also purchased SPX’s production equipment from Sanan for US$3.8 million paid in quarterly installments.

BGM Group Ltd. (Nasdaq: BGM) announced it has completed the acquisition of the intelligent platform of AIX Inc. The deal marks BGM’s entry into AI intelligent technology and financial/insurance services, aiming to integrate capabilities across healthcare, pharmaceuticals, and insurance. BGM also referenced RONS Technology and Xinbao Investment as part of the broader acquisition-driven integration effort.

CBC Group, in partnership with Mubadala Investment Company, completed the acquisition of UCB’s mature neurology and allergy business in China for US$680 million. The deal includes established brands (Keppra, Vimpat, Neupro, Zyrtec and Xyzal) and UCB’s Zhuhai manufacturing site, and the acquired business will operate as a new company named NeuroGen Pharma.

Nisun International Enterprise Development Group Co., Ltd. acquired a minority stake in Nanjing Pin Bai Sheng Catering Management Co., Ltd., a prominent KFC franchisee and catering operator in China. The investment is intended to expand Nisun International’s presence in China’s campus catering market and create supply-chain and digitalization synergies, with plans to scale to more than 200 campus locations.

Betters Medical Investment Holdings Limited ("Baird Medical"), a microwave ablation medical device developer and provider headquartered in Guangzhou, China, completed a business combination with ExcelFin Acquisition Corp., a Nasdaq-listed SPAC. The combined listed entity, Baird Medical Investment Holdings Limited ("PubCo"), will trade on Nasdaq under the ticker symbols BDMD and BDMDW. In connection with closing, Baird Medical founders and Grand Fortune Capital, LLC subscribed to a $4.9 million convertible preferred investment.

MingZhu Logistics Holdings Limited announced it has agreed to acquire HOLDCO 36 in an all-stock, transformational business combination, subject to customary closing conditions and regulatory approvals. The transaction is intended to expand MingZhu into higher-growth segments, with expected injected assets including a green fuels trading platform, renewable/biomass EPC+O capabilities, a power leasing and energy finance platform, and digital energy services for the steel industry.

Advent International announced an investment in Seek Pet Food, a leading Chinese pet food manufacturer. Advent will partner with Seek’s founder Fang Yuan and existing shareholder Boyu Capital to accelerate Seek’s growth in China’s expanding pet food market and support innovation and domestic/international expansion.

L Catterton announced a strategic investment in Viee (Sichuan Viee Beverage Food Co., Ltd), a western China plant-based beverage company known for peanut- and walnut-based drinks popular in Sichuan and Chongqing. L Catterton will partner with Viee to strengthen its market leadership in its home region and expand distribution into adjacent provinces and across China.

Piab Group, a subsidiary of Patricia Industries (Investor AB), acquired an 80% stake in Tianjin FeiYun Powder Equipment Co., Ltd (FeiYun), a Chinese provider of vacuum conveyors and complementary equipment headquartered in Tianjin, China. The deal, valued at approximately SEK 650 million, was partially funded with SEK 200 million of equity from Patricia Industries and is intended to expand Piab Group’s product offering, industry exposure, and geographic reach.

Platinum Equity portfolio company Hop Lun acquired P.H. Garment, a Hong Kong-headquartered private label manufacturer of bras, shapewear, and performance-driven activewear. The deal strengthens Hop Lun’s design and manufacturing capabilities, including P.H. Garment’s expertise in bonded products, and represents Hop Lun’s second add-on acquisition in the last six months.

DerbySoft, a hotel distribution technology company, acquired Pkfare to expand its connectivity and distribution capabilities into the airline industry. Deal terms were not disclosed; the companies will continue operating independently while integrating select internal corporate and technology functions, and customers will gain access to each other’s services.

Advent International announced an investment in VNU Exhibitions Asia (VNU EA), a leading exhibitions and conferences organizer in China headquartered in Shanghai. Royal Jaarbeurs, which previously held a majority interest in VNU EA, welcomed Advent as a new investor following its strategic reorientation, and VNU EA will rebrand its English name to Globus Events.

TMT Acquisition Corp (TMTC), a NASDAQ-listed SPAC, entered into a definitive business combination (merger) agreement with eLong Power Holding Limited, a specialty battery technology provider for commercial EV and energy storage applications. The transaction is expected to close in the first half of 2024, resulting in eLong Power becoming a publicly traded company (expected name: eLong Power Inc.) listed on Nasdaq.

FLJ Group Limited entered into a definitive equity acquisition agreement to acquire all issued and outstanding shares of Alpha Mind Technology Limited for an aggregate purchase price of US$180 million (or RMB equivalent). Upon closing, Alpha Mind will become a wholly owned subsidiary of FLJ, with consideration to be paid via 90-day secured promissory notes to Alpha Mind’s shareholders.

Resolian, a global bioanalytical contract research organization (CRO), has acquired Denali Medpharma, a China-based bioanalytical CRO. The deal expands Resolian’s bioanalysis laboratory footprint to include China alongside existing operations in the United States, United Kingdom, and Australia, enhancing its capabilities in areas such as oligo, mRNA, and liposomal bioanalysis.

Able View Global Inc. completed its previously announced business combination with Hainan Manaslu Acquisition Corp., a Nasdaq-listed SPAC. Following the closing, Able View becomes a publicly traded company and its Class B ordinary shares and warrants begin trading on Nasdaq under the tickers ABLV and ABLVW, respectively.

IMAX Corporation filed a proposal to acquire the remaining 96.3 million outstanding shares of its Hong Kong-listed subsidiary IMAX China for approximately HK$10 per share in cash (about $124 million). If approved via a scheme of arrangement and other customary conditions, the deal would give IMAX Corporation 100% ownership of IMAX China and is expected to close later in 2023.

Detection Technology has completed the acquisition of Haobo Imaging, purchasing 90% of the shares for EUR 12 million financed through cash reserves and a term loan. Haobo Imaging’s founders and management will retain the remaining 10%, with Detection Technology intending to acquire the rest in the future under agreed terms. The acquired business will be integrated into Detection Technology’s Medical Business Unit and is expected to be earnings positive in 2025.

Jamieson Wellness Inc. completed its previously announced agreement to acquire operating assets from its distribution partner in China for approximately CAD $26 million. The deal brings Jamieson’s sales, marketing, and distribution activities in China in-house, giving the company full value-chain ownership in the market.

Eaton completed the acquisition of a 49% stake in Jiangsu Ryan Electrical Co. Ltd., a China-based manufacturer of power distribution and sub-transmission (dry-type) transformers with approximately $100 million in 2022 revenue. Eaton expects Ryan’s products combined with Eaton’s global distribution to strengthen its ability to serve renewable energy, data center, utility, and industrial customers, particularly across Asia Pacific.

Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) acquired a 90% stake in Ascendent Insights Education Co., Ltd. (AIedu), an AI-powered early childhood education services company. The deal supports Powerbridge’s expansion in the education sector and is intended to integrate ChatGPT into its education offerings to drive user growth and new revenue opportunities.

Advent International has made an investment in LBS Group, a leading pest control and hygiene solutions provider operating across Greater China. The investment is intended to support LBS Group’s continued growth initiatives and expansion as hygiene standards and pest control requirements increase in China.

L Catterton announced an investment in Partner Pet, a leading premium freeze-dried pet food company in China. The investment is intended to help Partner Pet scale and strengthen its position in fast-growing segments of China’s pet food market, leveraging L Catterton’s operating expertise in the pet food sector.

BloomChic announced it received an investment from L Catterton to support the company’s next stage of growth in serving the global plus-size women’s apparel market. The partnership is intended to help BloomChic scale operations by leveraging L Catterton’s consumer insights and operating capabilities.

Datawords Group announced the acquisition of Shanghai-based integrated communication agency Switching-Time to strengthen its digital marketing and communications capabilities in mainland China and broader APAC. The transaction is supported by Datawords’ majority shareholder Keensight Capital and is intended to enhance Datawords’ ability to deliver localized digital campaign solutions for international brands operating in China.

TH International Limited ("Tims China"), the exclusive operator of Tim Hortons in China, completed its business combination with Silver Crest Acquisition Corporation, a SPAC. The combined company will retain the TH International name and is expected to trade on NASDAQ under the symbols THCH and THCHW, with the transaction providing access to nearly $200 million of additional financing including PIPE funding and a committed equity facility.

IGM Resins, a Netherlands-based provider of energy curing raw material solutions, has acquired Litian, a leading Chinese manufacturer of energy curing (UV) resins. The deal expands IGM Resins’ global footprint and supply chain, adds backward integration into key raw materials, and strengthens its presence in Asia with resin production in Rudong (Jiangsu) alongside its existing Charlotte, North Carolina site.

Eaton completed the acquisition of a 50% stake in the circuit breaker business of Jiangsu Huineng Electric Co., Ltd., a manufacturer and marketer of low-voltage circuit breakers in China. The transaction expands Eaton’s presence in China and supports its growth strategy in markets such as renewable energy, grid modernization, commercial buildings, and industrial applications.

Alkegen, a Clearlake Capital portfolio company, completed a tender offer to obtain a controlling ownership interest in Luyang Energy-Saving Materials Co. Ltd., a Shenzhen-listed specialty materials company. Luyang will support Alkegen’s expansion in Asia across high-temperature insulation and other advanced materials applications.

Platinum Equity signed and later completed a deal to acquire a controlling (majority) stake in Hop Lun, a Hong Kong-headquartered designer and manufacturer of intimate apparel/undergarments and swimwear. The stake was purchased from founder Erik Ryd, who retained a significant minority ownership and will continue to help lead the business; financial terms were not disclosed.

FTC Solar, Inc. announced it has closed the acquisition of HX Tracker, a China-based supplier of 1P solar tracker systems. FTC Solar expects the deal to strengthen its international expansion—particularly in China, the Middle East, and Africa—while adding a 1P tracker solution that complements its existing Voyager 2P offering.

KE Holdings Inc. (Beike) completed the acquisition of Shengdu Home Renovation Co., Ltd. for aggregate consideration of RMB 3.92 billion in cash plus 44,315,854 Class A ordinary shares (approximately 14,771,951 ADS equivalents). Following the closing, KE Holdings beneficially owns 100% of Shengdu, which becomes a consolidated subsidiary.

EQT Private Equity Asia (via the EQT Mid Market Asia III fund) made a majority investment in Guardian Shanghai Hygiene Service Ltd., China’s largest domestic pest control operator. Guardian’s founders (Chuck Jiang, Charlie Peng, and Steven Gan) will retain a minority stake and remain on the management team as EQT supports Guardian’s growth and consolidation strategy in China’s fragmented pest control market. The transaction closed on 17 March 2022.

Cabot Corporation completed its previously announced acquisition of Tokai Carbon (Tianjin) Co., Ltd from Tokai Carbon Group. The deal expands Cabot’s carbon black manufacturing capacity in China to support growth in its Battery Materials product line, with planned investments to upgrade the site to produce battery-grade materials for lithium-ion batteries.

L Catterton announced an investment in Shanghai Enova Pet Products, the owner of Pure & Natural, a leading premium pet food brand in China. The partnership is intended to support Enova’s continued sales growth and expansion of its product portfolio, leveraging L Catterton’s global pet food sector experience.

New Frontier Health Corporation (NFH), operator of United Family Healthcare, completed a merger with Unicorn II Merger Sub Limited and became a wholly owned subsidiary of Unicorn II Parent Limited. The transaction takes NFH private, with shareholders receiving US$12.00 per ordinary share in cash (subject to certain rollover and dissenting-share exceptions) and eligible warrant holders receiving US$2.70 per warrant (plus a US$0.30 consent fee for certain holders).

EQT Private Equity has entered into a definitive agreement to sell its stake in ELEVATE to LRQA. Hong Kong-headquartered ELEVATE provides ESG and responsible sourcing/supply chain services globally, and the transaction is subject to regulatory approvals and expected to close in 2022.

Shareholders of Shanghai Lian'en Trade Development Co., Ltd. announced the sale of THELIAN, an e-commerce operations business running Tmall flagship stores for multiple beauty brands, to eBeauty Holdings (Cayman) Limited (UCosmetics/UCO). The transaction consideration will be paid in a mix of cash and shares in UCO, creating a combined UCO/THELIAN business positioned as a leading and highly profitable Tmall Partner in China.

EQT Private Equity (via the EQT Mid Market fund) completed the sale of its stake in CFB Group, a multi-brand food and beverage platform operator in China, to FountainVest Partners. The transaction closed on 30 December 2021, marking EQT Private Equity’s exit after having previously acquired a majority stake in 2013.

Funds managed by a joint venture between Investcorp, China Resources Capital Management, and Fung Strategic Holdings Limited completed an investment in Mo Xiaoxian, an instant food brand in China, via the Asia Food Growth Fund I. Mo Xiaoxian, founded in 2017 and headquartered in Shanghai, sells self-heated hotpot, rice dishes, and instant noodles/vermicelli through extensive online and offline distribution channels across China.

Zynga Inc. closed its acquisition of mobile game developer StarLark from Betta Games for approximately $525 million in cash and stock. The deal adds StarLark’s hit mobile golf franchise Golf Rival to Zynga’s portfolio and establishes a new China-based studio for Zynga.

Indigo Glamour Co Ltd, a subsidiary of MBK Partners, completed the compulsory acquisition of all remaining shares of CAR Inc in a privatization valued at approximately US$1.1 billion. Following completion, MBK Partners will own 100% of CAR Inc and intends to support the company’s growth and transformation in China’s car rental market.

Investcorp announced an investment in Heritage Foods, a buy-and-build platform of condiments and sauces brands across Asia. The transaction was completed via Asia Food Growth Fund I in partnership with China Resources and Fung Strategic Holdings Limited, to support Heritage Foods’ expansion and consolidation strategy.

Eaton completed the acquisition of a 50% stake in Jiangsu YiNeng Electric's busway business, which manufactures and markets busway products in China. The deal expands Eaton’s power distribution portfolio in Asia-Pacific and strengthens its ability to serve high-growth data center and commercial markets.

Tate & Lyle PLC has acquired Sweet Green Fields (SGF), a global stevia sweetener solutions business, to strengthen its sugar-reduction and clean-label ingredients portfolio. The deal adds SGF’s integrated stevia supply chain and expands Tate & Lyle’s presence in Asia Pacific through SGF’s production and R&D facilities in Anji, China.

Investcorp made a strategic growth investment in Kindstar Globalgene (Kindstar), an independent medical testing services group in China. Founded in 2003 and headquartered in Wuhan, Kindstar provides specialty diagnostic testing services across multiple disease areas and serves more than 3,000 hospitals nationwide. Financial terms were not disclosed.

Refinitiv has acquired The Red Flag Group to expand Refinitiv’s due diligence offerings for compliance and integrity risk management. The deal adds The Red Flag Group’s workflow, data, ratings, and enhanced due diligence solutions, strengthening capabilities around anti-money laundering, bribery and corruption, reputational, and ESG risk.

Investcorp announced a strategic investment in Terminus Technologies, a China-based provider of AI CITY and AIoT smart services. The investment is intended to support Terminus Technologies’ continued growth and expansion of its AI CITY network globally.

The Rise Fund, an impact investing fund managed by TPG, acquired approximately 1GW of solar photovoltaic (PV) projects from Trina Solar. The portfolio includes operational, under-construction, and late-stage development solar PV projects across Spain, Chile, Colombia, and Mexico, and will form the initial assets of newly created, Madrid-headquartered Matrix Renewables. Transaction terms were not disclosed.

Bright Scholar Education Holdings Limited entered into an agreement to acquire a 51% equity interest in Linstitute. The transaction is described as a strategic investment aimed at expanding Bright Scholar’s online training and education technology capabilities through Linstitute’s online course platform.

Avidity Science, a portfolio company of ShoreView, acquired the Cascada Laboratory Water Purification product line from Pall Corporation (a Danaher company). The Cascada line includes benchtop laboratory water purification solutions used in life sciences research, primarily across Asia. Following the acquisition, Avidity established manufacturing and distribution operations in Jiaxing, China to expand regional capabilities.

Baird Capital acquired a majority stake in Vega Global Group, a Hong Kong-headquartered provider of end-to-end audio-visual and video collaboration solutions across the Asia Pacific region. The investment is intended to support Vega’s continued growth in the professional audio-visual market and expand its ability to meet enterprise demand for global standards and delivery platforms.

EQT Greater China II sold its remaining 24.78% equity stake in LBX Pharmacy Chain Joint Stock Company to a consortium comprising Primavera Capital Group and FountainVest Partners. LBX Pharmacy is a leading discount retail pharmacy superstore chain in China, founded in Hunan province, and the transaction was signed and closed on 27 November 2019.

EQT portfolio company BBS Automation completed its third add-on acquisition in one year by acquiring ReaLead, a founder-led automation solutions provider based in Kunshan, China. The transaction follows BBS Automation’s EUR 140 million refinancing, which is intended to provide additional flexibility to support continued consolidation and growth, particularly expanding BBS’s presence and customer access in China and Asia.

TPG signed a definitive agreement to sell United Family Healthcare (UFH), a premium private healthcare operator in China, to New Frontier Corporation (NYSE: NFC) at an implied valuation of approximately $1.3 billion. Following closing, the combined business will operate as New Frontier Health Corporation and is expected to trade on the New York Stock Exchange under the symbol "NFH."

Bain Capital announced the merger of ChinData and Bridge Data Centres to create a pan-Asian data centre platform under a new parent company, ChinData Group, which will continue operating the ChinData and Bridge brands. Bain Capital acquired ChinData in May 2019 from Wangsu Science & Technology Co. Ltd. and has owned Bridge Data Centres since 2017; the combined entity will provide hyperscale, wholesale, and custom-build data centre solutions across China, India, and Southeast Asia.

China Everbright Limited’s RMB Mezzanine Fund completed an investment in Googut Wine&Spirits Co. Ltd to support the company’s growth strategy in China’s liquor retail market. Googut Wine&Spirits is a leading old-wine operator and new retail liquor dealer in China, with extensive distribution capabilities and the O2O imported wine platform YesMyWine as a sub-brand.

TPG led a consortium including China Synergy and Trail to invest in APM Monaco, a contemporary jewellery brand. The investor group will acquire a 30% stake in the company from its existing shareholders through TPG Capital Asia; financial terms beyond the stake size were not disclosed.

EQT Mid Market Asia III signed an agreement to acquire a 10% stake (primary shares) in VBill Limited, a Beijing-headquartered third-party payment service provider and merchant acquirer in China focused on SMEs. EQT will partner with VBill’s founding management team and parent company Hi Sun Technology to support growth across city tiers and potential international expansion.

Solidiance, an Asia-focused management consulting firm, acquired Shanghai-based business strategy and M&A advisory firm Technomic Asia. Equiteq acted as exclusive financial adviser to Solidiance on the transaction, which completed on 12 July 2016. The deal expands Solidiance’s capabilities and client base in China by adding Technomic Asia’s incubation and advisory offerings.

Jin Jiang International Holdings Co., Ltd., through its subsidiary Balance Global Limited, completed the acquisition of YRC Worldwide Inc.'s 50% interest in JHJ International Transportation Co., Ltd. The transaction gives Jin Jiang International 100% ownership of JHJ and supports YRC Worldwide's divestiture of non-core international assets.

Amber Road acquired ecVision, a cloud-based global sourcing and collaborative supply chain management platform for brand-focused companies. The deal was valued at approximately $24 million in net cash plus up to $9 million in earn-out payments over two years, and was financed with cash on hand and a new $20 million term loan from KeyBank N.A.