The market for venture-backed IPOs has been pretty dead so far this year. But based on new filing activity, it looks like there’s some optimism things will improve. At least six venture-backed companies have filed to go public since the start of the year, in sectors ranging from enterprise software to semiconductors to car rentals. [...]
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Chinese social gaming company Happy Elements has closed a $30 million Series B round led by Legend Capital with participation from existing investor DCM. The money will be used to expand into new markets, and to launch several new smartphone games in the next year. Two-year-old Happy Elements has roughly 300 employees and is based in Beijing.
Pharmaron Holding Limited has closed a $40 million Series C round. Existing investors DCM and Legend Capital joined new investor GL Capital Group in the round, which will be used to expand the company’s drug discovery services, toxicology capabilities and chemical synthesis services. Pharmaron was formed in 2003, and provides research and development services to the biotech and pharmaceutical industries.
U.S. and China-based Bonovo Orthopedics has raised $10 million in a Series C financing led by OrbiMed Asia Partners. The round, which includes participation from Beijing-based Legend Capital, brings the company’s total financing to $16.5 million. Bonovo will use the money to expand its sales and continue product development. Formed in 2008, Bonovo manufactures implants and other orthopedic products for the Chinese healthcare market.
Chinese social networking company Oak Pacific Interactive, which has raised more than $430 million in venture capital, is considering an initial public offering in the United States, Reuters reported. The company hired Credit Suisse Group and Deutsche Bank to underwrite its IPO slated for the first half of next year, Reuters said. Oak Pacific Interactive is backed by Technology Crossover Ventures, Accel Partners, Legend Capital, Softbank, Joho Capital, General Atlantic and Doll Capital Management.
China-focused Legend Capital is planning to raise at least $500 million across two new funds next year: a 1 billion ($150 million) yuan-denominated fund and a $350 million U.S. dollar fund, Reuters reported. The new funds will look for deals that would benefit from government support, in sectors including telecommunications, green energy and pharmaceuticals, Reuters said.
Virtuos, a Beijing-based provider of videogame production services, has acquired Besides Sound Production, a Shanghai-based provider of audio production for videogames. No financial terms were disclosed. Virtuos is sponsored by Legend Capital.