Category: Press

Beijing, China, July 17, 2019 –– Centurium Capital, a leading private equity firm in China, today announced that Michael Chen had joined the firm as Managing Director. In this new role, Mr. Chen will work closely with Mr. David Li, Chairman and CEO of Centurium Capital, in managing investment activities of the firm.

Mr. Chen has a proven track record as an experienced and successful private equity investor. Before joining Centurium, Mr. Chen was a Managing Director of Warburg Pincus leading its consumer investments in China. During his tenure at Warburg Pincus since 2011, he led a number of investments into leading Chinese companies in transportation and mobility, retail, logistics and education industries.

Mr. Chen commented, “China has come into a new era of real economy and capital market , with both opportunies and challenges. Chinese home-grown private equity firms are well equipped to provide tailor-made solutions for Chinese companies in this new era. With an experienced team, as well as deep sector insights and operational capabilities, Centurium Capital is well postioned to ride this wave and create value for both our portfolio companies and our investors. I’m very excited to join the team and look forward to helping build Centurium into one of the top private equity firms in China.”

Mr. David Li, Chairman and CEO of Centurium Capital, commented, “Michael brings a wealth of expertise and resources through his many years of experience in investment. As the macro trends of consumption upgrade, industry consolidation and technology-driven business innovation continue, Centurium is committed to investing into transformational opportunities to drive portfolio growth. With Michael on board, our investment team is further enhanced, and he will bring tremendous value in our efforts in investment, fundraising and operational suppport to our portfolio companies.”

Prior to joining Warburg Pincus, Mr. Chen was a vice president at Crescent Point, a Pan-Asia growth capital fund. Before Crescent Point, Mr. Chen worked in the investment banking division of Morgan Stanley in Hong Kong and Accenture in China. He received a B.A. of Economics from Fudan University and an M.B.A. from INSEAD.

Centurium Capital is a leading private equity firm in China. With deep domain knowledge and sector resources, Centurium Capital primarily focuses on investing into the China consumer and healthcare sectors. Since its inception, Centurium Capital has received strong support from world-wide leading institutional investors including pension funds, sovereign wealth funds, family offices, corporates and FOFs. The firm seeks to invest in control or significant minority private equity stakes with a particular focus on in-depth engagement to improve operational efficiency and solve structural deficiencies.

Beijing, China, July 3, 2019 – Centurium Capital, a leading private equity firm in China, today announced the successful close of its debut US dollar fund, Centurium Capital Partners 2018 L.P. at over US$2 billion, far exceeding its target size. The fund has secured overwhelming interests from global institutional investors including pension funds, sovereign wealth funds, family offices, corporate pensions, FOFs, and other financial institutions. The fund was launched in March 2018 and reached a significant first close of nearly US$1 billion in June 2018.

Centurium Capital primarily focuses on investing into China’s consumer, services and healthcare sectors. The firm’s investment theses are built around its core investment strategy of “invest to transform”. Centurium seeks to invest in control or significant minority private equity stakes with a particular focus on in-depth engagement to improve operational efficiency and solve structural deficiencies.

David Li, Chairman and CEO of Centurium Capital, commented, “The successful fundraise is a vote of confidence in China’s long term growth potential by global investors, as well as a strong testament to our firm’s strategy and ability of investing to transform. In the context of China’s new norm of economic growth model and fast-evolving business landscape, Chinese companies and entrepreneurs are faced with unprecedented new challenges as well as new opportunities. With a unique combination of global best practice and local expertise and experience, Centurium Capital is well positioned to provide bespoke solutions to these challenges and opportunities by being a long term partner of capital and mindshare to our portfolio companies and entrepreneurs”.

Since its first close, Centurium Capital has made a number of investments, including Luckin Coffee (NASDAQ: LK), a leading internet based on demand coffee brand and retail chain in China, China Biologic Products (NASDAQ: CBPO), one of the largest plasma-based biopharmaceutical companies in China, and LOHO, China’s leading fast-fashion eyewear brand and retailer with a vertically integrated supply chain.

Beijing, July 11, 2018 – Luckin Coffee announced today that it has completed series A financing of US$200 million at post-money valuation of US$1 billion. The Investors include Centurium Capital, Joy Capital, Government of Singapore Investment Corp (GIC) and Legend Capital.

Luckin Coffee was launched in January 2018, and operates 525 outlets in 13 cities including Beijing, Shanghai, Guangzhou and Shenzhen at the end of May 2018. Through integrated online and offline new retail model, Luckin Coffee stays connected with our customers and engage them anytime, anywhere. Driven by technology, its new retail model is built upon its mobile apps and store network. The mobile apps cover the entire customer purchase process, offering our customers a 100% cashier-less environment. Luckin procures coffee machines and coffee condiments from renowned global suppliers such as Schaerer. We also partner with reputable suppliers for our other products such as juices and light meals. 

Beijing, September 10, 2018 – LOHO, China’s leading fashion eyewear brand, announced today that the company has completed series C funding of nearly US$100 million. The financing was led by Centurium Capital, and the capital raised is expected to be used to improve supply chain enhancement and brand promotion.

Founded in 2012, LOHO is the No. 1 online fashion eyewear brand in China, operating more than 400 stores nationwide in over 100 shopping malls and central business districts in major cities including Beijing, Shanghai, Guangzhou, Shenzhen, Nanjing, Chongqing, Chengdu and Changsha. So far, the company has completed three rounds of funding and early investors include Vertex Ventures, KTB Ventures and Sequoia Capital.

Huang Xinzhong, Founder and CEO of LOHO, commented, “We will increase investment in R&D of eyewear and improve user experience, and accelerate our growth.”

LOHO’s key competitive features are its innovative online/offline retail operating model and pioneering fashion eyewear brand positioning. With both online flagship stores and offline stores, consumers have both options to purchase glasses and search store locations, make reservations online and place orders.

LOHO is also a pioneer in M2C (manufacturing to consumers) model, backed by its efficient supply chain, to offer cost-effective eyewear products to customers. It takes only around 20 days from design to new product launch and its products on shelf are updated on a weekly basis. Each store offline is serviced by three to four stylists who are professional optometrists and fashion stylists. LOHO’s products include optical glasses, sunglasses, children’s glasses, sports glasses, glasses with special purpose and cosmetic contact lenses to meet customers for various occasions.

Gary Liu, Executive Director of Centurium Capital, said that the demand for glasses in China is very high, with a market size of nearly RMB100 million. With the rise of young consumers in recent years, the idea of wearing glasses as fashion accessory has been more and more accepted. LOHO’s deep insights in consumer behavior,  efficient supply chain management, R&D capability, forward-thinking strategy has made it a leading brand of eyewear in China.

Beijing, December 12, 2018 – Luckin Coffee announced today that it has completed series B financing of US$200 million, with post-money valuation of US$2.2 billion. The financing was led by Centurium Capital and Joy Capital, and was participated by the Government of Singapore Investment Corp (GIC) and China International Capital Corporation (CICC).  

Headquartered in Xiamen, China, Luckin Coffee started trial operation in January 2018. At the end of November 2018, it has built 1,700 outlets in 21 cities including Beijing, Shanghai, Guangzhou and Shenzhen. The stores are densely located from within 500 meters’ radius of walking distance in core areas in Beijing and Shanghai. Luckin’s coffee beans won the gold award at the 2018 International Coffee Tasters (IIAC) in Milan, Italy in December 2018.

The company completed series A financing of US$200 million on July 11, 2018, with post-investment valuation of US$1 billion, making it the fastest-growing unicorn startup in China. It completed Series B financing of US$200 million in December 2018, only five months later, with post-investment valuation doubled.