China Digest: JS Global to acquire Qfeeltech; Xie Zhu raises $37m
Summary
Hong Kong-listed JS Global Lifestyle has agreed to acquire all shares in Chinese machine vision startup Qfeeltech, while intelligent hotel solutions provider Xie Zhu Technology has raised 258 million yuan ($37 million) in equity and debt financing to consider SE Asian expansion. The transaction will be processed through a few tranches and is expected to complete in 2023, shows a document JS Global Lifestyle filed with the stock exchange on January 6. JS Global Lifestyle raised $381 million in an initial public offering (IPO) on the main broad of the Hong Kong stock exchange on December 18, 2019. In the most recent investment, Qfeeltech raised about $10 million in a Series B round jointly led by Tus-Holdings, an enterprise owned by China’s Tsinghua University, and integrated circuit-focused China Fortune-Tech Capital in October 2017. The company is looking at business opportunities overseas with “a preliminary plan” to explore the Southeast Asian market, said Chen Haibin, founder and CEO of Xie Zhu Technology.