Category: Private Equity

WRC 2025: Shoucheng Showcases Full Robotics Value Chain

HONG KONG, Aug 8, 2025 – (ACN Newswire) – From August 8 to 12, 2025, the 8th World Robot Conference (WRC 2025) was held in Beijing. As one of the most influential global events in the robotics sector, this year’s conference achieved record highs in exhibition space, participating companies, and the level of technology showcased. Over 500 companies from around the world gathered to present cutting-edge robotics technologies and real-world applications across industrial, service, special-purpose, and humanoid categories. The event featured significantly more dynamic demonstrations and interactive experiences compared to previous years, reflecting the industry’s accelerated shift from “tech showcases” to “commercial deployment.”

For Shoucheng Holdings (0697.HK), a long-term investor in the robotics value chain, WRC 2025 was not only an industry gathering but also an excellent platform to validate its investment strategies and capture future trends. Several Shoucheng portfolio companies took center stage at the event, including Unitree Robotics, a global leader in quadruped and humanoid robots; Galbot, a leader in industrial collaboration robotics; Noetix Robotics, a high-performance joint drive manufacturer; Booster Robotics, a humanoid robot OEM; Galaxea-AI, a full-stack embodied AI company; X Square Robot, an adaptive robotics platform developer; and the Beijing Humanoid Robot Innovation Center, co-founded with Shoucheng’s participation. Together, they represent full value chain coverage from core components to complete machines, and from foundational algorithms to integrated application scenarios.

1. From “Showmanship” to “Real Work”: An Industry Turning Point

This year’s WRC marked a notable shift from static displays to high levels of dynamic demonstrations and scenario-based interaction. The focus has moved beyond single metrics such as speed and precision toward capabilities like generalization, high dynamic stability, and dexterous manipulation. This evolution is driven by advances in algorithms and computing power, as well as the maturation of the supply chain. Rapid iteration in critical components such as joints, tactile sensors, and lightweight structures has enabled OEMs to showcase deployable, interactive functional scenarios directly on-site.

2. Capital Boom Meets Deployment Surge: Ecosystem Advantages Emerge

In July and August, robotics financing activity surged, with multiple companies less than three years old securing funding rounds exceeding RMB 100 million, and some even preparing for IPOs. This “early-stage companies entering capital markets” trend reflects rising confidence in commercialization. At the same time, hardware-strong companies are expanding into diverse applications ranging from factories to theme parks, sports events, and cultural tourism, while companies with advanced “robot brain” capabilities are accelerating deployment in high-value industrial and logistics sectors.

Amid this trend, Shoucheng Holdings leverages its dual advantage of “investment + scenario” to not only identify promising targets in the primary market but also embed portfolio technologies into real-world settings via its smart transportation, industrial park, and infrastructure operations, creating commercial closed loops. For example, portfolio company Wanxun Technology’s autonomous charging robot has already been deployed in Shoucheng-operated parking facilities, transitioning from concept to scaled commercial operations.

3. From the Year of Humanoids to the Year of Delivery

At WRC 2025, humanoid robots shifted from being purely “attention-grabbing” to competing on order volumes and delivery capabilities. Industry investors widely expect 2025–2026 to be the “Year of Delivery,” where companies achieving scaled deployments in real-world scenarios first will gain both valuation and market share advantages. Shoucheng Holdings has also made its strategic stance clear: future competition will be not only about technological leadership but also about value chain collaboration, supply chain resilience, and business model validation.

As the industry advances toward scaled applications, Shoucheng Holdings’ ecosystem advantage will become increasingly evident—continuously empowering portfolio companies on the capital side while providing real-world scenarios and commercialization pathways on the operational side, accelerating the robotics industry’s journey from “lab prototypes” to “mass delivery,” and ultimately feeding value back into the capital markets.

Posted by All Way Success Company Limited for Shoucheng Holdings www.shouchengholdings.com [HKSE:0697, FRA:SHVA, OTCPK:SHNHF]

The Generation Essentials Group and Black Spade Acquisition II Co Complete Business Combination

The Generation Essentials Group’s Class A Ordinary Shares and Warrants to Begin Trading on the New York Stock Exchange and NYSE American on June 5, 2025, under Ticker Symbols “TGE” and “TGE WS”, Respectively.

HONG KONG, Jun 5, 2025 – (ACN Newswire) – Jun 4, The Generation Essentials Group (“TGE”), an entity jointly established by AMTD Group, AMTD IDEA Group (NYSE: AMTD; SGX: HKB) and AMTD Digital Inc. (NYSE: HKD), and Black Spade Acquisition II Co (NASDAQ: BSII) (“Black Spade II”) are pleased to confirm the completion of their previously announced business combination (the “Business Combination”). The listed company following the Business Combination is TGE, and its Class A ordinary shares and warrants will commence trading on the New York Stock Exchange and NYSE American under the ticker symbols “TGE” and “TGE WS”, respectively, on June 5, 2025.

The announcement of the completion of the Business Combination comes after Black Spade II’s shareholders voted to approve the transaction on May 30, 2025. As a result of the Business Combination, Black Spade II became a wholly owned subsidiary of TGE and is expected to be delisted from The Nasdaq Stock Market LLC.

Dr. Feridun Hamdullahpur, Chairman of the Board of The Generation Essentials Group, said: “This is about the successful listing of a comprehensive and diversified global media, entertainment, and hospitality play; the emergence of a worldwide operator in top-tier world “media” including L’Officiel and The Art Newspaper, “entertainment” including motion pictures, and “space” including coffee shops and hotels. I want to thank the Black Spade II team for their partnership and efficient handling of the deal process. With our two existing listed companies already under the NYSE banner, this third listing will offer a unique platform that brings together fashion, art, media, movies, entertainment, and hospitality under one global roof: TGE. We are now long-term partners with Black Spade, and there are numerous opportunities for cross-collaboration and mutual support on our journey towards building a world-leading media and entertainment company. On behalf of the Board of Directors, I would like to express my gratitude to everyone involved in bringing this innovative concept to fruition in record time.”

Mr. Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition II Co, said: “We are pleased to announce the successful completion of our merger, marking a significant milestone in bringing value for all our shareholders. In TGE’s business footprint across fashion & art, media and hospitality, we saw an ideal match with our entertainment DNA. I would like to thank the TGE management team for their leadership, vision and efficiency in bringing this deal to fruition, and we look forward to the company’s next chapter as a public company under their ticker symbol ‘TGE’, as they continue their exciting journey in the media and entertainment sector globally.”

Additional information about the transaction, including a copy of the business combination agreement, is available in Black Spade II’s Current Report on Form 8-K, filed on January 27, 2025 with the Securities and Exchange Commission (“SEC”) at www.sec.gov.

More information about the transaction is available in TGE’s registration statement on Form F-4 which includes Black Spade II’s proxy statement and TGE’s prospectus in relation to the business combination, which was first filed with the SEC on April 11, 2025.

Photo caption:

(from left) Mr. Richard Taylor, Co-CEO, Black Spade Acquisition II Co, Mr. Kester Ng, Co-CEO, Black Spade Acquisition II Co, Mr. Dennis Tam, Chairman and Co-CEO, Black Spade Acquisition II Co, Mr. Lawrence Ho, Founder, Black Spade Capital, Mr. Calvin Choi, Founder and Director, The Generation Essentials Group, Dr. Feridun Hamdullahpur, Co-Chairperson of the Board of Directors, The Generation Essentials Group and Mr. Giampietro Baudo, CEO, The Generation Essentials Group

About The Generation Essentials Group (formerly known as World Media and Entertainment Universal Inc.)
The Generation Essentials Group, jointly established by AMTD Group, AMTD IDEA Group (NYSE: AMTD; SGX: HKB) and AMTD Digital Inc. (NYSE: HKD), is headquartered in France and focuses on global strategies and developments in multi-media, entertainment, and cultural affairs worldwide as well as hospitality and VIP services. TGE comprises L’Officiel, The Art Newspaper, movie and entertainment projects. Collectively, TGE is a diversified portfolio of media and entertainment businesses, and a global portfolio of premium properties.

About Black Spade Acquisition II Co
Black Spade Acquisition II Co (“Black Spade II”) is a blank check company incorporated for the purpose of effecting a business combination (Special Purpose Acquisition Company or SPAC). Listed on The Nasdaq Stock Market LLC , Black Spade II was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio. Black Spade II is Black Spade Capital’s second SPAC. Black Spade Capital’s first SPAC completed its business combination with VinFast Auto Ltd., a Vietnamese electric vehicle company, in August 2023. At the time, it was the third largest ever de-SPAC by deal value (based on Dealogic data available through April 2024).

About AMTD Group
AMTD Group is a conglomerate with a core business portfolio spanning across media and entertainment, education and training, and premium assets and hospitality sectors.

About AMTD IDEA Group
AMTD IDEA Group (NYSE: AMTD; SGX: HKB) represents a diversified institution and digital solutions group connecting companies and investors with global markets. Its comprehensive one-stop business services plus digital solutions platform addresses different clients’ diverse and inter-connected business needs and digital requirements across all phases of their life cycles. AMTD IDEA Group is uniquely positioned as an active super connector between clients, business partners, investee companies, and investors, connecting the East and the West. For more information, please visit www.amtdinc.com or follow us on X (formerly known as “Twitter”) at @AMTDGroup.

About AMTD Digital Inc.
AMTD Digital Inc. (NYSE: HKD) is a comprehensive digital solutions platform headquartered in France. Its one-stop digital solutions platform operates key business lines including digital media, content and marketing services, investments as well as hospitality and VIP services. For AMTD Digital’s announcements, please visit https://ir.amtdigital.net/investor-news.

Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about the beliefs, plans, and expectations of Black Spade II, TGE, AMTD IDEA Group and/or AMTD Digital, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the filings of Black Spade II, TGE, AMTD IDEA Group and AMTD Digital with the SEC. All information provided in this press release is as of the date of this press release, and none of Black Spade II, TGE, AMTD IDEA Group and AMTD Digital undertakes any obligation to update any forward-looking statement, except as required under applicable law.

Media Enquiries:
The Generation Essentials Group
Investor Relations       Email: tge@amtd.world 

Black Spade Acquisition II Co
Investor Relations       Email: ir@blackspadeacquisitionii.com

AMTD IDEA Group
Investor Relations       Email: ir@amtdinc.com

AMTD Digital Inc.
IR Office                Email: ir@amtdigital.com

Strategic Financial Relations Limited
Vicky Lee     Tel: +852 2864 4834  Email: vicky.lee@sprg.com.hk 
Lilia Yang    Tel: +852 2864 4833  Email: lilia.yang@sprg.com.hk
Website: www.sprg.com.hk

Yashaa Global Capital Secures Financial Services Permission to Establish a Global Sports VC Fund

The fund comprises of sporting legends Shikhar Dhawan, AB de Villiers, Ravi Shastri with a pedigreed investment team

Yashaa Global Capital, a venture capital fund dedicated to Sports, has received the Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of ADGM, Abu Dhabi’s leading international financial centre. This significant milestone marks the fund’s official establishment in ADGM, positioning Yashaa Global Capital as a catalyst for driving global investments in the rapidly evolving sports sector.

The fund, a unique initiative, helmed by General Partners Shikhar Dhawan, Mohammed Sirajuddin, Arif Padaria and Dr. Victor Tay, combines a pedigreed investment team with elite athletes. This collaboration leverages their expertise and extensive networks in the sports ecosystem, aiming to provide unparalleled value to portfolio companies through mentorship, strategic partnerships, and growth opportunities. Previously known as Da One Global Ventures, the fund has been rebranded to reflect its global ambitions and sharpened focus on innovation and wealth generation.

Headquartered in Abu Dhabi, Yashaa Global Capital has a targeted $75M corpus (including a $25M greenshoe option), and is set to deploy capital globally across SportsTech, Fitness & Wellness, Esports & Gaming, MediaTech, Leagues & Teams. Leveraging ADGM’s status as a premier financial hub, the athlete-backed fund bridges global investors, startups, and sports entrepreneurs, fostering innovation and scalability. Its unique network ensures that its portfolio companies gain strategic insights and connections, delivering exceptional value to all stakeholders.

Shikhar Dhawan, General Partner at Yashaa Global Capital, commented, “ADGM’s stable regulatory environment and strategic location at Capital of Capital Abu Dhabi, make it the perfect base for our fund. This is an exciting opportunity to create a global impact and contribute to the evolving landscape of sports entrepreneurship. With ADGM’s support, we are confident in creating a platform that not only nurtures groundbreaking startups but also delivers meaningful value to our investors globally.”

Mohammed Sirajuddin, General Partner at Yashaa Global Capital, expressed his vision for the fund, “Business of Sports is at a transformative stage, becoming increasingly globalized, institutionalized, and technology-driven. With a unique team blending deep industry expertise, strong networks, and proven investment experience, we aim to bridge the gap in the Asian market, where sports-focused funds are limited. As a global fund with a strong Asia focus, we are dedicated to empowering visionary businesses shaping the future of sports and delivering exceptional value to founders, investors, and the broader ecosystem.”

“I am proud to be associated with this visionary global fund. As a sports ecosystem VC originating from the GCC region, it has the potential to reshape the business of sports, esports, and gaming investments worldwide. I look forward to supporting entrepreneurs on and off the field”, said AB de Villiers.

ADGM, recognized worldwide as a stable financial hub, provides a robust platform for venture funds like Yashaa Global Capital to thrive. Its dedication to fostering financial innovation and entrepreneurship underpins Yashaa’s strategic vision.

Arvind Ramamurthy, Chief of Market Development at ADGM, commented: “We are proud to support Yashaa Global Capital as they establish their presence in ADGM and launch a groundbreaking venture capital fund focused on the rapidly evolving sports sector. This milestone reflects ADGM’s commitment to fostering innovative and transformative industries while providing a robust and progressive regulatory environment.”

About Yashaa Global Capital
Yashaa Global Capital is a global multi-stage venture capital fund investing in transformative startups across the Business of Sports, New Age Media, and the Future of Sports & Human Performance. With its establishment in ADGM, and backing from leading athletes like Shikhar Dhawan, the fund is positioned to pioneer innovation in sports and gaming, fostering growth for startups and delivering robust returns for investors worldwide. This announcement marks the beginning of Yashaa Global Capital’s journey to redefine the sports and esports investing landscape, with a commitment to building a sustainable ecosystem for global entrepreneurs and stakeholders. Learn more at https://yashaa.vc/.

For any communication and media engagements please contact:
contact@yashaa.vc 

Legend Capital Portfolio: Japan’s NO.1 VTuber Operator ANYCOLOR Lists on the Tokyo Stock Exchange

On June 8th 2022, Legend Capital’s portfolio company ANYCOLOR, a leading Virtual YouTuber (VTuber) management company in Japan, was listed on the Tokyo Stock Exchange. At the market close today, ANYCOLOR’s share price rose more than 3 times compared to the issue price and its market capitalization exceeded 165.2 billion yen (about 1.239 billion US dollars).

From left are Itochu Manager Takaki Yasuhiro, ANYCOLOR CEO Tazumi Riku, ANYCOLOR CFO Taurui Shinya and Legend Capital Managing Director Joon Sung Park.

Established in May 2017, ANYCOLOR was founded by Tazumi Riku who was at that time a student at Waseda University in Japan. The company officially announced the launch of a VTuber project “NIJISANJI” in January 2018 as one of the first major VTuber agencies in Japan. After years of continued success, ANYCOLOR as of today is managing around 200 VTubers with over 35.72 million fans, making it the largest VTuber operator in Japan.

According to ANYCOLOR’s IPO Prospectus, in 2021 revenue reached 7.63 billion yen and operating income of 1.45 billion yen. This is over 100% growth from 3.5 billion yen revenue and 42.3 million yen operating income in 2020. Revenue in 2022 is expected to reach 13.2 billion yen while operating income is expected to grow to 3.7 billion yen.

With the introduction of Japan partner ITOCHU Corporation, Legend Capital led ANYCOLOR’s Series B financing round in April 2020.

Joon Sung Park, Managing Director of Legend Capital, said: “Virtual YouTuber is a concept that Japan pioneered and this is a model that can scale outside of Japan because VTubers are not bound by physical limitations, and many of them engage in activities that are unconstrained by their real-world identity. ANYCOLOR is very unique because their focus on livestreams set its members apart from other early VTubers who primarily made pre-recorded videos. Based on Nijisanji’s initial success in Japan, ANYCOLOR expanded its business to China, Korea, Indonesia, as well as English-language branches targeting a global audience. VTuber’s popularity began to expand internationally through their appeal to the existing animation and cartoon fandom. Going forward, as 2D/3D technology will become more sophisticated, I firmly believe that ANYCOLOR’s potential of becoming the internationally recognized leading platform for VTubers and animated influencers, who target worldwide audiences.”

In China, ANYCOLOR has established a joint venture with Legend Capital’s portfolio company Bilibili, a leading video and contents sharing platform in China and most of NIJISANJI’s VTubers are active on the Bilibili platform. ANYCOLOR’s VTubers started to broadcast livestreaming through Bilibili’s platform and was able to successfully operate its Chinese VTuber group “VirtuaReal Project”.

Legend Capital also invested in HYBE in early 2016, the management agency of K-pop sensation BTS, and one of the world’s “100 Most Influential Companies” as named by Time magazine. Korea’s entertainment giant HYBE became the first in the K-pop industry to record 1 trillion won ($839.4 million) in sales in 2021. The unprecedented 100 times revenue growth from 2015 to 2021 was fueled by the agency’s effort to build an internal distribution platform, various strategic initiatives for global IP expansion. It also acquired Ithaca Holdings, a well-known US based entertainment agency that manages popular artists like Justin Bieber, Ariana Grande and J Balvin, which helped HYBE to diversify its revenue stream.

As an active investor, Legend Capital shared HYBE’s growth history and its monetization diversification efforts to ANYCOLOR management team. In addition, Legend Capital introduced the CEO of HYBE to the CEO of ANYCOLOR to share HYBE’s experience, and discuss potential cooperation in the future.

“ANYCOLOR’s successful listing under the current capital market situation is not only about fundraising but also about introducing ANYCOLOR to the public and showing a more interesting world of VTuber to the upcoming new generation. Legend Capital will continue to focus on cross-border investment opportunities in Japan, Korea, Southeast Asia and other countries, to explore more investment opportunities in emerging industries, especially in technology, consumption, and contents. We will also continue to utilize our comprehensive resources derived from our existing domestic and international portfolios, to provide value-added services for our portfolio companies.” Joon Sung Park added.

Legend Capital is an independent and seasoned fund manager with deep roots in China and long coverage of local Chinese investment opportunities stemming from the strong innovation power in the country. With over two decades of expertise, Legend Capital has cultivated profound understanding of the technology and innovation drives of China, accumulated rich resources around industries, and built a powerful portfolio ecosystem. It is now recognized as a valuable partner for overseas investors and enterprises to access the market.

For overseas investors, Legend Capital can provide support on knowledge of China’s technology innovation and access to technology investment opportunities for sustainable returns. For overseas enterprises, Legend Capital can help expand business on the Chinese market, and bridge key resources in China such as R&D and supply chain, for expedited value creation. Guided by such approach, Legend Capital has made a number of successful investments in Japan, Korea, Southeast Asia, and India.

On the other hand, by leveraging its “China Insights”, Legend Capital also helps portfolio companies and entrepreneurs in China to “go global” and achieve strategic objectives across the border by integrating overseas resources and opportunities, helping portfolio companies to respond to complex changes in global industry landscape, and meanwhile generating new investment opportunities.

Legend Capital has invested numerous successful foreign companies: HYBE (KOSPI.A352820), world’s leading entertainment company in Korea; Zinus (KOSPI.A013890), the largest mattress brand in Amazon; DEXTER (KOSDAQ.A206560), Korea’s leading movie production and VFX company; NexImmune (NASDAQ: NEXI), the global next-generation immunomodulatory cell therapy company; Axonics (NASDAQ: AXNX), the global developer of new implantable neuromodulation technologies; Singular Genomics (NASDAQ: OMIC), the leading company in NGS testing; Lunit, the global leading AI medical diagnosis company; Mathpresso, the largest education technology company in Japan, Korea, and Southeast Asia; Vedantu, India’s largest K12 Online tutoring company; and Akulaku, the leading fintech company in Southeast Asia.

Legend Capital is reaping the rewards in its logistics and supply chain investment

In recent years, the logistics and supply chain industry has ushered in many important capital events, with a lot of companies went public in fields like express, supply chain, freight platform, aviation logistics and automatic driving. As a comprehensive fund covering multiple industries and fields, Legend Capital has already made a long-term and systematic investment layout in the field of logistics and supply chain. According to public information, Legend Capital has invested in more than 10 companies in such field, including Milkyway (603713.SH), Eastern Air Logistics (601156.SH), JD Logistics (2618.HK), Hichain Logistics (300873.SZ), China Southern Cargo, FOR-U Smart Freight, SF Freight, SF Intra-city and Yanwen logistics, among which SF Intra-city and Yanwen logistics have filed for IPOs in the Hong Kong and Mainland China, respectively.

Based on nearly a decade of experience, Legend Capital has already built an accomplished framework and investment system in the field of logistics and supply chain. It also divides the business into three stages, and identifies different investment opportunities in each stage.

Stage 1.0 “Logistics”: The essence of this stage is how to transport cargo at low cost and high efficiency based on the needs of consumption or manufacturing industry. In terms of investment in the logistics field, Legend Capital not only pays attention to the incremental market opportunities brought by changes in business flow, scene, technology and policy , but also actively looks for special opportunities such as spin-off, M&A and mixed ownership reform; Stage 2.0 “Supply Chain Service”: On the basis of fulfilling transportation needs , Legend Capital looks for enterprises with intelligent supply chain service that could provide value-added services such as raw material procurement, warehousing, finished product distribution and after-sales, and hence achieve the goal of “full link, agility, efficiency, reliability”; Stage 3.0 is to use the concept of “digital transformation, collaborative delivery and platform development” to build industrial Internet.

With around ten-year-experience, Legend Capital’s investment strategy of logistics and supply chain mainly focuses on the infrastructure related to consumer goods, retail distribution, industrial manufacturing, and medical health.

Unlike other funds and investment institutions, Legend Capital, on the basis of long-term, comprehensive and in-depth research on the industry, selectively invests in excellent companies with huge industry influence. Besides, Legend Capital empowers enterprises by using the ecological resources of investment enterprises and its value-added services. Under the guidance of long-term value, Legend Capital also advocates and promotes the communication and cooperation among its portfolio companies to create more opportunities on win-win cooperation.

Legend Capital thinks highly of bringing long-term value and value-added services to its portfolio companies. Richard Li, the President of Legend Capital, said: “Logistics and supply chain investment has entered the critical period, and there will be more cross-industry investment opportunities. We have a lot of cooperation with leading enterprises in various industries. When opportunities arise, we have enough experience to support them to grow from BU (business unit) to independent company. “

According to Legend Capital, the logistics and supply chain industry has entered a new stage with information technology empowers various industries. Meanwhile, the new market conditions will generate new traffic and new data, which brings new demands for new kind of resource integration and delivery methods.

Legend Capital continues to be optimistic about technological innovation, with great opportunities in tech investment

On July 8-9, 2021, Richard Li, the President of Legend Capital, attended the 10th Private Equity Investment Summit Forum held by Noah Holdings and delivered a speech on the topic of technological innovation, sharing his views on information technology, biotechnology and new energy, as well as the long-term prospects.

Major technological innovations and breakthroughs are taking place in vertical markets in the era of technology. In addition, the 14th Five-Year Plan and the Long-Range Objectives Through the Year 2035 pointed out that it is necessary to improve the national innovation system to strengthen scientific and technological capabilities. Driven by favorable national policies, technology investment has great potentials. As an investment institution, Legend Capital will continue to focus on technological innovation in the next two decades.

Richard Li, the President of Legend Capital, said:

“From my point of view, the development, breakthroughs and aggregation of new technologies in different vertical fields are jointly promoting the rapid development of various industries. In addition, policy support has increased, and the revitalization of the country with science and technology has risen to national strategic importance. When Legend Capital looks for investment targets, in addition to technological innovation, it is also very important to identify application and value creation under various scenarios.”

Legend Capital focuses on information technology, biotechnology and new energy, and believes that there are great investment opportunities within each of these innovation driven areas.

In the aspect of information technology, the intergenerational improvement of computing power promotes the exponential change in information technology. General artificial intelligence will be integrated with neuro-science to realize human-computer dialogue. Factors such as the ubiquitous integration of computing and communication power will accelerate the rapid development of artificial intelligence in the future.

As for energy technology, new energy will trigger a new round of energy revolution. China must adopt technology-driven means to achieve the goals of “carbon peak” and “carbon neutrality.”

In addition, synthetic biotechnology will lead to new production modes. As biotechnology and information technology are merging rapidly, substances, no matter whether they exist in nature or not, could be generated by means of combining biotechnological advancement and data-driven artificial intelligence prowess on the back of surging computing power. In the future, synthetic biotechnology would enable production through biological manufacturing in a carbon-free or low-carbon way.

Legend Capital focuses on the integration of diversified technologies to accelerate the development of all scientific and technological scenarios. Its investment covers cloud service, network security, health care, innovative consumption, etc., and includes cases like Bilibili (NASDAQ: BILI), Zuoyebang, Wish (NASDAQ: WISH), Galaxy, Pony,AI, Huice, etc.

The core business of Legend Capital is early-stage Venture Capital and expansion-stage Growth Capital investment. Legend Capital is now managing USD and RMB funds with a total AUM of US$8bn, and focuses on innovative and growth enterprises with operations in China or related to China. By 2021, Legend Capital has invested in over 500 companies, of which more than 90 companies are successfully listed domestically or overseas, and over 70 companies achieved exit through M&A.

Singapore: TPG Capital Asia Acquires Quest Laboratories

TPG Capital Asia, the Asian investment platform of global alternative asset firm TPG, announced that it has completed its acquisition of Quest Laboratories Pte Ltd, one of the leading independent, private medical laboratories in Singapore.

The acquisition forms part of TPG’s A$279 million (S$279 million) purchase of Healthscope Limited’s Asian pathology laboratories in Singapore, Malaysia and Vietnam. In Singapore and Vietnam, these laboratories operate under the brand “Quest Laboratories”, while in Malaysia, they are known as “Gribbles Pathology”.

“We are pleased to complete the acquisition of this premier laboratory-of-choice to private healthcare practitioners and patients in Singapore. The healthcare sector is one of TPG’s key investment areas and we look forward to leveraging Quest’s core competencies to grow our pathology business across Southeast Asia,” Richard Seow, TPG Senior Advisor and incoming Chairman of Quest Laboratories, said.

Quest Laboratories is the first full-service private laboratory to be dually accredited by the College of American Pathologists and the Singapore Accreditation Council.

The company serves specialist doctors, general practitioners, as well as integrated healthcare providers with a full suite of laboratory tests.

Its main laboratory in Singapore, which spans over 25,000 square feet, has the largest fully automated sample management system in Singapore with the capability to provide consistently accurate and reliable results.

Quest’s satellite laboratories located in Paragon Medical, Thomson Medical Centre and Novena Medical service the key private hospitals, medical centres and specialist clinics.

In Vietnam, Quest Laboratories operates two laboratories in Ho Chi Minh City in a women’s and children’s private hospital and in the central urban district.

TPG’s investment in Quest Laboratories builds on the firm’s strong healthcare foundation in Asia and across the globe. It is also a result of the firm’s global interest in the sector, accompanied by deep expertise and geographical exposure, having invested across a range of businesses—from pharmaceutical companies to healthcare services.

Also Read: Singapore: Cloud Inventory Firm TradeGecko Secures $10M

Investments in Asia have included Manipal Hospitals in India, United Family Healthcare in China, Novotech and Healthscope in Australia, and the Jetanin Institute for Assisted Reproduction in Thailand.

TPG’s latest investment in Quest Laboratories comes alongside its investments in businesses that are headquartered out of Singapore including PropertyGuru, TE Asia Healthcare, and Parkway Holdings (now part of IHH Healthcare). – AsiaPEVC.com

Australia: Wesfarmers Selling Kmart Tyre and Auto Service to Continental

Australia-listed conglomerate Wesfarmers today announced it has agreed to sell its Kmart Tyre and Auto Service (KTAS) business to Continental AG for $350 million.

On successful completion of the transaction, Wesfarmers estimates it will report a pre-tax profit on sale of approximately $270 million to $275 million, subject to completion adjustments.

The sale is subject to certain consents and approvals including from the Australian Competition and Consumer Commission and the Foreign Investment Review Board.

KTAS is one of Australia’s largest tyre, automotive service, and repair retailers. The business has 258 stores in Australia with over 1,200 employees. It is also the largest single employer of apprentice motor mechanics in Australia.

Continental, based in Germany, will use the KTAS name and logo for a transitional period following the sale. Its five divisions in 2017 generated sales of €44 billion and it currently employs more than 243,000 people in 60 countries.

Continental’s Tire division is a technology leader in tyre production and offers a broad product range for passenger cars, commercial vehicles, and two-wheelers.

Its product portfolio also includes fleet applications, as well as digital management systems for commercial vehicle tyres.

Wesfarmers Managing Director Rob Scott said the agreement to sell KTAS crystallises value for shareholders from the business turnaround since it was acquired as part of the Coles Group in 2007.

“We believe that the divestment is in the best interests of Wesfarmers’ shareholders, while giving the employees and customers of KTAS the opportunity to join a highly complementary business in Continental. Continental’s automotive industry expertise will further strengthen the business’ customer offering,” Scott said.

Subject to satisfying conditions precedent, the divestment of KTAS is expected to complete in the first quarter of the 2019 financial year.

Last week, Wesfarmers also announced it has agreed to sell its 40 per cent interest in the Bengalla Joint Venture to its joint venture partner New Hope Corporation (ASX:NHC) for $860 million.

On successful completion of the transaction, Wesfarmers expects to report a pre-tax profit on sale of approximately $670 million to $680 million subject to completion adjustments.

Also Read: Keppel Capital To Launch A$1bn Wholesale Property Fund in Australia

Bengalla is currently owned 40 per cent by Wesfarmers, 40 per cent by New Hope, 10 per cent by Taipower and 10 per cent by Mitsui. The transaction is subject to regulatory approval and pre-emption rights under the Bengalla Joint Venture Deed. The sale of the interest in the Bengalla Joint Venture is expected to close in the fourth quarter of 2018. – AsiaPEVC.com

BlackRock Real Estate Acquires Solar Portfolio in Taiwan

BlackRock Real Assets has entered into an agreement to acquire the entire equity interest in a 59MWac / 70MWdc solar portfolio comprising 28 projects in Taiwan from J&V Energy Technology Co (J&V Energy), a solar energy producer headquartered in Taipei.

The assets were acquired through a private fund managed by BlackRock Real Assets that invests in wind and solar assets globally. The transaction marks the team’s first renewables investment in Taiwan, and first-ever floating solar acquisition.

The portfolio consists of operating and construction projects expected to be fully operational in 2019, with New Green Power (NGP), a leading solar developer and operator, continuing to provide engineering, procurement and construction (EPC) as well as long-term operational and maintenance services.

The portfolio offers stable and long-term income for investors on the back of securing attractive 20-year feed-in-tariff (FIT) contracts with an investment grade off-taker.

The Taiwanese authorities are targeting an installed base of 25GW of renewable power by 2025 and solar technology will play a key role in shaping Taiwan’s energy future.
“We are delighted to partner with J&V Energy and NGP to make our first renewables investment in the Taiwan market, on behalf of our clients. This transaction demonstrates our commitment to the Asia Pacific region, a strategic priority for our US$5 billion global investment platform,” said Charlie Reid, Portfolio Manager of the BlackRock Renewable Power investment team.

Leo Seewald, Head of BlackRock Taiwan, said the acquisition adds renewable power capabilities to the company’s local investment platform and strengthen BlackRock’s presence in Taiwan, while supporting the market’s transition to renewable energy.

BlackRock Real Assets has invested in more than 190 solar and wind projects over the last few years, representing close to 6.6 gigawatts of capacity, able to generate enough clean energy to power more than 4.5 million homes per annum.

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“The agreements with BlackRock and New Green Power are an important step in our portfolio strategy and demonstrate the growing maturity of Taiwan’s secondary market for renewables. The arrangement frees up capital for further investments and enables J&V Energy to continue to originate additional opportunities to create long term value for our shareholders,” Kai Tan, Chief Executive Officer of J&V Energy, said.

PE-backed Aviation Technical Services Acquires Ranger Air

Aviation Technical Services (ATS), a technical services provider backed by New York-based private equity firm JLL Partners, has acquired Ranger Air, a supplier of aircraft airframe and engine accessories to international customers.

Financial terms of the acquisition were not disclosed. The deal launches ATS into the parts trading business and provides Ranger Air with access to ATS’s comprehensive repair capabilities to enable a quick return-to-service.

Headquartered in Everett, Washington, ATS provides a broad and growing portfolio of technical services in MRO (maintenance, repair and overhaul), Engineering, Component Repair and Parts Development world-wide.

It supports both narrow body and wide body aircraft operators in the commercial and military aviation markets.

The ATS group of companies offers Component Services, Airframe Maintenance, Engineering Support, and Alternate Solutions in ten locations across the United States. Ranger Air is the fourth acquisition for ATS in the Dallas-Fort Worth area over the past five years.

Headquartered in Everett, Washington, ATS has over 1.2 million square feet of aviation maintenance facilities with additional operations in Moses Lake, Washington; Kansas City, Missouri; and Fort Worth, Texas.

This broad North American footprint supports our customers with advanced MRO capabilities across the full spectrum of aftermarket products and services in operationally convenient locations. With our two separate hangar facilities in Everett and Moses Lake, ATS is the largest MRO on the U.S. west coast.

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Ranger Air, on the other hand, is a premier supplier of aircraft airframe and engine accessories and components and provider of repair management services for a growing list of international customers.

Since 2002, Ranger Air has introduced innovative inventory management programs and has stocked and traded parts for virtually every commercial airframe and engine platform in the world.