News Snapshot:
A Chinese startup is landing hundreds of millions in additional financing as a group of investors – which includes Tencent – eyes the country’s fast-growing grocery delivery sector. Tencent and private equity heavyweight Primavera are spearheading the $300 million investment in Xingsheng Youxuan, Bloomberg reported , citing sources familiar with the deal, which values the company at a healthy $3 billion. The startup, based in Hunan, has enjoyed a significant boost from the COVID-19 epidemic, which has forced Chinese consumers to seek out food delivery services and other alternatives. Xingsheng Youxuan recently filed paperwork to go public in 2020, investment...
