Fenbeitong hits unicorn status, raising $140M
>> China corporate spend start-up Fenbeitong has raised USD 140 million in a Series C+ funding round, becoming the latest unicorn in the China SaaS industry. The funding round was led by DST Global. Existing investors Hillhouse, Ribbit, Stau, Glade Brook, and Bit Rock were joined by new investors including D1 Capital Partners, WhaleRock, Saudi Aramco's P7 Ventures, and Emergence, bringing the total investment raised to date to USD 300 million.
Hong Kong's offline and virtual events platform EventX secures $18M
>> The virtual event space continues to attract investors in Asia. Hong Kong-based events management platform EventX said it has raised another USD 8 million for its Series B, lifting the total amount secured for this round to USD 18 million. The new injection was led by GL Ventures, the early-stage investment arm of Hillhouse Capital.
Some $535M invested in China’s ice-and-snow activity sector in 7 years
>> Corporate information platform Qichacha’s data showed that China had about 21,500 ice-and-snow activity service providers in operation as of January 2022. A total of 3,632 related enterprises were newly registered in 2020, and 3,933 were newly registered in 2021. Snow enterprises secured over $534.8 million in 2015-2021
Hilton looks beyond Omicron to double down on China plans
>> A zero-tolerance approach to new coronavirus cases tanked Chinese hotel performance off-and-on since last summer. But Hilton still accounted for the largest share of China’s hotel development pipeline at the end of last year, according to Lodging Econometrics. The company has development partnerships with Jin Jiang International subsidiary Plateno Group for a Hampton expansion across the country as well as one with Country Garden to develop more than 1,000 Home2 Suites.
China hotel rates higher than 2019 level during Lunar New Year
>> Mainland China’s hotel industry surpassed its 2019 comparable in Lunar New Year average daily rate (ADR) even with substantially lower occupancy, according to preliminary data from STR. The country’s ADR reached RMB 766.95 during this year’s holiday period (January 31 - February 6), which was 9.6% higher than the pre-pandemic comparable from the festival period in 2019.
China must open for Asia travel rebound, biggest jet lessor says
>> AerCap Holdings NV, the world’s largest aircraft leasing firm, is “very optimistic” people will travel in large numbers once borders open up and believes that will apply equally to Southeast Asia, which is currently lagging the rest of the world, according to Chief Executive Officer Gus Kelly. China, which is still adhering to a Covid-zero policy, is vital for tourism in Southeast Asia, Kelly said.
Hong Kong suspends Singapore Airlines flights after passengers test positive
>> Singapore Airlines flights from Singapore to Hong Kong have been suspended for two weeks, after several passengers tested positive for COVID-19 upon arrival in the city.