Qiming closes China's largest venture capital renminbi fund for 2023 at $940 million

SINGAPORE (Reuters) - China's Qiming Venture Partners on Thursday said it had closed its seventh renminbi fund at 6.5 billion yuan ($940.4 million), in what it said is the largest renminbi fundraising in China's venture capital market this year.

The latest close brings Qiming's total capital raised to $9.5 billion across 18 funds, focusing on investments in early and growth stage firms in the technology, consumer and healthcare sectors, it said in a statement.

Qiming, an early backer of tech giants such as Meituan and Xiaomi, said the fund drew strong participation from its existing investor base, including insurance companies and public listed companies.

Qiming made 90 investments last year, which included OriCell Therapeutics and ArkBio, according to the statement.

Founded in 2006, Qiming has over 530 portfolio companies as of May this year, according to its website.

($1 = 6.9121 Chinese yuan renminbi)

(Reporting by Yantoultra Ngui; Editing by Varun H K)