In today’s top payments news around the world, Chinese healthcare company SPH Health Commerce has landed approximately $160 million in a Series B funding round, while The Singapore Exchange is reportedly considering listing blank-check companies. Plus, Signet Partners has invested an undisclosed amount in Singapore’s Grab.
China’s Digital Hospital SPH Notches $159.7 Million Series B
SPH Health Commerce, a healthcare company in China, raised 1.033 billion yuan ($159.7 million) in a Series B funding round headed up by JIC Investment and the Shanghai Biomedical Industrial Equity Investment Fund. Huadong Industrial, Ample Harvest Finance, New Alliance Capital, Shanghai SITICO Asset Management and Sinocare were among the other investors. Shanghai-based SPH was started in March 2015 by Shanghai Pharma.
Singapore May List Blank-Check Companies, Or SPACs, This Year
The Singapore Exchange is said to be mulling the idea of listing special purpose acquisition companies (SPACs), which are also referred to as blank-check companies. CEO Loh Boon Chye told Bloomberg in an interview that “if the market is supportive, we hope to be able to do that sometime this year.” A SPAC doesn’t have commercial operations, but it is created to raise funds and search for a current firm or firms to purchase.
South Korean Retail Giant Shinsegae Invests In Singapore’s Grab
Signet Partners, the venture capital division of South Korean retailer Shinsegae Group, has invested an undisclosed amount in Singapore’s Grab. The venture capital arm was rolled out in July and has invested in different South Korean firms, such as the lifestyle company Homes and the fashion tech upstart Ably Corporation. Grab is often referred to as a “super app” that provides a number of conveniences such as ridesharing, food delivery and financial services.
Chinese Grocery App Dingdong Maicai Considering US IPO
Dingdong Maicai, the Chinese supermarket app, is reportedly mulling an initial public offering (IPO) in the U.S. to further growth in the fresh food delivery market. Sequoia Capital-backed Dingdong Maicai is working with advisors on the offering, which could reportedly bring in an estimated $300 million. The platform, which was established in 2017, delivers meat, fruits, soy items and fresh vegetables.
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