Four consumer companies secure new funding; Chando advances its listing process; SHEIN to open its first physical stores in France | Venture Capital Outlook

Compiled by | Lan Jie

Busy Money

CHANDO Completes a Round of Financing Worth Hundreds of Millions of RMB

Recently, CHANDO Group, a leading brand in the Chinese cosmetics industry, completed a new round of financing. According to the prospectus, in this round of financing, Jiahua Capital invested 300 million RMB through its subsidiary fund Himalaya International. Meiding, a wholly - owned subsidiary of L'Oréal, also participated in the investment, with a cumulative investment of approximately 442 million RMB in CHANDO. According to Jiemian News, the valuation in this round of financing exceeded 7 billion RMB.

On October 2nd, CHANDO submitted its prospectus and is preparing to list on the Hong Kong Stock Exchange.

"Lingjing AI" Announces Completion of a New Round of Angel + Round Financing Worth Tens of Millions of RMB

36Kr learned that recently, Lingjing Wanwei (Hangzhou) Intelligent Technology Co., Ltd. (hereinafter referred to as "Lingjing AI"), an "AI - powered animation industrial production platform", announced the completion of a new round of angel + round financing worth tens of millions of RMB. This round was led by Guoke Investment, with existing shareholder Borui Capital continuing to follow - up. Gaohu Capital served as the exclusive financial advisor. The funds from this round of financing will be used to expand the large - scale mass production of AI - powered animations, build a creator ecosystem around Lingjing AI animations, and explore overseas animation platform markets.

This is the third round of financing completed by Lingjing AI this year, with less than two months between this round and the previous one.

"Lexiang Technology" Completes 200 Million RMB in "Angel ++" Round Financing

36Kr learned that Lexiang Technology, a consumer - level embodied intelligence enterprise, officially announced the completion of 200 million RMB in "Angel ++" round financing. This is already the third round of financing completed by Lexiang Technology within nine months, and the total amount of angel - round financing is close to 500 million RMB. This round of financing was led by Zhongding Capital, with existing shareholder IDG Capital continuing to increase its investment. The funds will be mainly invested in the self - research of core components, robot body and motion control technology, and the iteration of the consciousness bionic model, aiming to accelerate the large - scale implementation of consumer - level embodied intelligence products.

Commercial launch vehicle developer "Xinghe Dynamics" Obtains 2.4 Billion RMB in Series D Financing

According to IT Juzi, the investors in this round of financing include Shunxi Fund and Nanjing Innovation Investment Group. Xinghe Dynamics is a commercial launch vehicle developer, positioning itself for low - cost commercial rocket launches. The solid - propellant launch vehicle it developed has a take - off mass of 30 tons and a low - Earth - orbit carrying capacity of 350 kg. It uses a configuration of three - stage solid propulsion plus a liquid upper stage, with the capabilities of space ferry and active orbital departure, which can meet the launch requirements of microsatellites or test payloads.

Company Intelligence

CHANDO Prepares to List on the Hong Kong Stock Exchange

Another domestic beauty group is going to the Hong Kong stock market for an IPO.

On September 29th, CHANDO Global Holdings Limited officially submitted its prospectus to the Hong Kong Stock Exchange, planning to list on the main board. Huatai International and UBS Group served as joint sponsors.

On the eve of the listing, CHANDO Group introduced two heavyweight investors, L'Oréal and Jiahua Capital. Among them, L'Oréal invested 442 million RMB through Meiding Company and obtained a 6.67% stake in the company, while Jiahua Capital invested 300 million RMB and obtained a 4.20% stake.

The prospectus disclosed that from 2023 to 2024, CHANDO's revenues were 4.442 billion RMB and 4.601 billion RMB respectively, with revenue growth rates of 3.49% and 3.58% respectively, showing a stable growth trend.

However, competition is intensifying. The growth rates of its main competitors, Shangmei Co., Ltd. (which owns brands such as Hanshu and Yiye) and Proya, were both in double - digits during the same period.

In addition, the group owns five main brands, including the flagship brand CHANDO, as well as Pufuyan, Meisu, Chunxia, and Jichu. However, the revenue of the single brand CHANDO has accounted for more than 94% for many consecutive years.

In order to further expand the market and enrich the brand layout, CHANDO is accelerating its capital operations. As stated in the prospectus, the funds raised from this listing will be mainly used to strengthen DTC (direct - to - consumer) capabilities, enrich the multi - brand matrix, increase R & D investment, upgrade production facilities, and expand overseas business.

Mixue Group Acquires Xianpi Fuluji to Enter the Draft Beer Market

On October 1st, Mixue Group issued an announcement on the Hong Kong Stock Exchange, stating that the company had signed an investment agreement with Fuluji (Zhengzhou) Enterprise Management Co., Ltd. (hereinafter referred to as "Xianpi Fuluji") and its shareholders.

According to the announcement, Mixue Group plans to inject 286 million RMB into Xianpi Fuluji, accounting for 51% of its enlarged registered capital. On the same day, Mixue Group signed an equity transfer agreement with an independent third - party shareholder to acquire a 2% stake in Xianpi Fuluji's enlarged registered capital. This means that after the completion of the above - mentioned transactions, Mixue Group will hold a total of 53% of the equity in Xianpi Fuluji, and the latter will become a non - wholly - owned subsidiary of Mixue Group.

Xianpi Fuluji was founded in 2021 and mainly provides consumers with draft beer products for on - the - spot consumption through offline stores, including a variety of classic draft beers and more than a dozen innovative fruit beers. As of August 2025, Xianpi Fuluji had approximately 1,200 stores, covering 28 provinces, autonomous regions, and municipalities directly under the Central Government in China, mainly franchised stores. According to Shangpu Consulting, based on the number of stores as of August 15, 2025, Xianpi Fuluji is the brand with the largest number of draft beer chain stores in China.

With a large scale and high growth rate like Mixue Bingcheng, it is also seeking new growth curves. Before entering the draft beer market, Mixue Bingcheng had opened nearly 7,000 Xingyunkafei stores and was continuously expanding into first - and second - tier cities.

Compared with products such as cocktails, the process of draft beer is easier to standardize. And compared with traditional beer, draft beer has a richer variety of flavors and production methods, which can better meet the preferences of young people and has great growth potential. In addition, Fuluji focuses on affordable products, and its store expansion path based on franchising is in line with Mixue Bingcheng's positioning. Therefore, acquiring this brand is a good way for Mixue Bingcheng to enter the beer market.

SHEIN to Open Its First Physical Stores in France

This is SHEIN's first attempt at physical retail.

According to foreign media such as Reuters, SHEIN plans to open its first physical store in France in November this year. SHEIN's first store will cooperate with the French department store Société des Grands Magasins (SGM). Subsequently, it is also expected to open stores in Galeries Lafayette in Dijon, Grenoble, Reims, Limoges, and Angers in France.

Regarding the opening of offline stores in France, Donald Tang, the executive chairman of SHEIN, said: "We hope to combine the advantages of both: the advantages of e - commerce lie in speed, scale, and efficiency; the advantages of physical stores lie in presence, heritage, and interpersonal connection. They are not competitors but partners; they complement each other and can work together to create a seamless omnichannel shopping experience."

In other words, this fast - fashion retail giant that specializes in online channels is going to try the brand - building path.

The motivation behind SHEIN's move is not difficult to understand. In May this year, the United States, the European Union, etc. successively announced the cancellation of the "tax exemption for small - value imported parcels" policy, which had a profound impact on SHEIN, which relies on small - order and quick - turnover and low - price competition. Moreover, SHEIN has also failed to go public several times.

ByteDance Launches the Double Eleven Promotion First

Compared with other platforms, Douyin E - commerce is more active in the Double Eleven promotion.

On October 9th, Douyin E - commerce officially launched the "Douyin Mall Double Eleven Good Things Festival", offering preferential activities such as "immediate discounts", "direct price cuts", and "consumer vouchers", along with hundreds of millions of RMB in cash subsidies and tens of billions of RMB in traffic and resource support.

The next day, Douyin E - commerce couldn't wait to announce the "battle report" for the first day of the Double Eleven promotion, stating that the number of merchants participating in the event and generating revenue on the first day increased by 75% year - on - year, the number of brands with sales exceeding 100 million RMB increased by 800% year - on - year, and the number of single products with sales exceeding 10 million RMB increased by 500% year - on - year.

In recent years, the popularity of shopping festivals such as Double Eleven and 618 has declined. The overly frequent promotions and complicated preferential rules have made consumers "desensitized" to various promotional activities. To improve this situation, e - commerce platforms have been simplifying preferential rules in the past two years, and Douyin E - commerce is no exception. The main promotional methods are immediate discounts and direct price cuts.

In addition, Douyin E - commerce is still expanding its "mall", developing full - domain interest e - commerce, and using consumer vouchers as a means to attract traffic during the promotion. In the official "report card", in addition to live - streaming e - commerce, the focus is on shelf e - commerce. Data shows that the sales of Douyin Mall on the first day increased by 211% year - on - year.

ByteDance Provides Subsidies for Departed Employees

On October 10th, The Paper reported exclusively that ByteDance recently launched a new employee protection plan: for full - time employees in the Chinese mainland who were involuntarily laid off due to organizational adjustments, on the basis of the original economic compensation plan, eligible employees will be provided with an additional transitional subsidy of up to 12,000 RMB per month for a maximum of six months. This policy officially took effect this month. According to this policy, the maximum transitional subsidy can reach 72,000 RMB. The above - mentioned subsidy consists of two parts: social security subsidy and living subsidy.

It is understood that ByteDance's move is to provide transitional basic protection and support for employees who were laid off due to organizational adjustments. This policy can also be applied retroactively to former employees who were laid off due to organizational adjustments less than six months ago and are currently in flexible employment. Those who meet this condition can receive the subsidy for the remaining period.

The specific subsidy standards are as follows: the social security subsidy is 2,000 RMB per month in first - tier cities (Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou) and 1,500 RMB per month in other cities; the living subsidy is provided at 20% of the employee's pre - tax monthly fixed income, with a minimum of 4,000 RMB per month in first - tier cities and 3,000 RMB per month in other cities, and a maximum of 10,000 RMB per month in all cities.

At a time when large - scale layoffs are frequent in big tech companies, ByteDance is the first to update relevant policies.

Future Idea

Heytea Launches a New "Tea Special Blend" Series

On September 29th, Heytea launched a new product in the "Tea Special Blend" series, "Jiangxiang Baituo Suiyinzi". It is a custom - blended tea made from traditional Yunnan Pu'er tea and Nuomi Xiangye from Honghe Prefecture, blended with Baituo butter milk and a special - blend salty cheese flavor. The product also comes with a "Jiangxiang Cloud Top", which combines Yunnan sweet soy sauce, Baituo butter milk, and the classic Zhizhi Cloud Top.

Nowadays, milk teas are getting more and more complex, and Heytea is no exception. In addition to using classic tea bases and the popular salty cheese flavor, it also uses "out - of - place" soy sauce.

In addition, Heytea has been continuously working on the popular Yunnan - style flavors. Also in September, Heytea's Shenzhen Happy LAB store collaborated with Hong Kong celebrity chef Li Zian to launch a limited - edition "Mici Boletus Heylado", which combines Yunnan boletus, intangible - cultural - heritage matsutake soy sauce, and Italian ice cream.

Nayuki's Tea Collaborates with the Chinese Anime IP "Black Cat Sheriff"

From September 29th to October 7th, during the National Day holiday, Nayuki's Tea carried out a regional collaboration with "The Legend of Hei", covering more than 20 provinces, cities, and autonomous regions. It launched new products such as Blueberry and Mulberry Yogurt Smoothie and Super Avocado Yogurt Smoothie, and also provided peripheral products such as transparent cards and refrigerator magnets.

During the event, relevant stores also set up a check - in point called the "Spiritual Power Workstation" to increase the topic's popularity through social media promotion.

"Black Cat Sheriff" is a popular Chinese anime IP. The first part of "The Legend of Hei" was released in 2019, setting a box - office record for domestic animated films at that time.

Collaborating with Chinese anime IPs is a common marketing strategy for major tea - beverage brands nowadays. Before Nayuki's Tea's collaboration with "Black Cat Sheriff", brands such as Bawang Cha Ji, Shu Yi Shao Xian Cao, and Mo Li Nai Bai have successively collaborated with IPs such as "Ne Zha 2", "Fairy Tale", and "The Grandmaster of Demonic Cultivation".

Bawang Cha Ji Announces Signing Zheng Qinwen as Its Brand Ambassador

At the beginning of October, Bawang Cha Ji announced signing Chinese tennis player Zheng Qinwen as its first global brand ambassador to strengthen its brand image of "bringing healthy tea beverages to the world".

Tennis tournaments are widely followed globally and are also an internationally popular sport. As a representative of China's new - generation athletes, Zheng Qinwen also has extensive influence and popularity internationally. Signing with her is a sign of Bawang Cha Ji's acceleration towards globalization.

In the first half of this year, Bawang Cha Ji's number of overseas stores increased by 52, with the total number of stores expanding to 208, covering five core markets including Malaysia, Singapore, Indonesia, Thailand, and the United States. In August, Bawang Cha Ji also entered the Philippine market.

On the evening of August 29th, Bawang Cha Ji's second - quarter 2025 financial report showed that as of June 30th, the brand's overseas GMV was 235.2 million RMB, a year - on - year increase of 77.4% and a quarter - on - quarter increase of 31.8%, gradually becoming one of the engines driving the company's overall growth.

Long Queues and Severe Out - of - Stock Situations at the Official Derivatives Retail Store of Game Science

On September 26th, in response to the complaints from some players about the queuing problem at the Black Myth retail store on social platforms, the official channel of the derivatives brand "Black Myth BLACKMYTH" launched by Game Science posted an apology, saying that they were not well - prepared during the trial operation and would optimize the queuing experience and in - store inventory preparation in the future.

Even earlier, on September 4th, Yang Qi, the co - founder of Game Science and the art director of "Black Myth: Wukong", posted a recruitment notice on social platforms, stating that the official offline store for Black Myth derivatives would open in Xihu District, Hangzhou, and they needed to recruit shop assistants and a store manager, indicating that the relevant store was about to open.

As a phenomenon - level 3A game, "Black Myth: Wukong" has great potential to build an IP. It is not difficult to imagine the popularity of the Black Myth retail store. However, the gap between the game and retail industries is large, and how to build a good IP is a new problem.

Xibei Changes the Color Scheme and Content of Its Brand Logo Amidst Public Opinion

Recently, some netizens posted that the Xibei store in