Early Xiaomi Backer Qiming Slashes Fund Goal to $600 Million
(Bloomberg) – Qiming Venture Partners increases its new fund to $ 600 million, aiming for Chinese artificial intelligence and health initiatives with a significant warning sign on the country’s technology scene among global investors.
Qiming, a early supporter of Meituan and Xiaomi Corp., decreased its target from $ 800 million after notifying that potential investors were a choice for smaller pools.
Directed by the founding manager partner, Duane Kuang, the company belongs to an increasing number of Chinese -based US dollar funds looking for money. The emergence of new generation initiatives represented by companies such as Deepseek and Unitree Robotics gave energy to the market again this year. Bloomberg News reported that Qiming has collected donations with a harsh boundary of $ 1 billion for the new vehicle.
Nevertheless, peers such as Lightspeed China Partners and ByTedance-Investor Source Code Capital look at $ 150 million to $ 400 million smaller. Qiming representatives refrained from commenting.
US investors who want to support Chinese technology must combat both economic and regulatory uncertainty.
In the last decade, donations and retirement funds that pay China’s internet miracle have become more cautious about making money to the country with its withdrawal.
Concerns include a weak appearance for the world’s number 2 economy, and Washington has an investment pavement about artificial intelligence, which increases US-China voltages.
Qiming’s latest donation collection plans remain in the flow and may change. In 2022, the venture company closed the previous US Dollar Fund from $ 2.5 billion and with the authority to bet both early and growth stage technology and health initiatives.
This followed a fund targeting $ 700 million from the 5Y capital during a turbulent 2023, when the country emerged from Covid Lockdowns. A person familiar with the issue, this vehicle at the beginning of last year was exaggerated for $ 795 million and closed, he said. The course of the agreement has slowed down significantly since then.
-Temati Chan, Zheeping Huang
(Updates with the closing of the final in the last paragraph of 5Y.)
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