Saturday, 2024 July 20

China’s digital yuan—yay or nay? Here’s what it’s like to use it | China Venture Roundup Volume 43

Find out what moves China tech with us. We round up what you need to know about the local venture scene every Thursday morning at 8:00 a.m. (GMT +8), covering major investment stories, MNC partnerships, noteworthy startups, industries with the most investments for the week, and more.

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Going Public: IPOs

Arrail Group (瑞尔集团)

On July 1, Arrail Group submitted its prospectus to the Hong Kong Stock Exchange.

Arrail Group owns two sub-brands—Arrail-Dental and Rytime-Dental. Arrail-Dental is a high-end dental brand that serves patients in first-tier cities. Most Arrail-Dental clinics are located in busy commercial areas and Grade A office buildings in city centers. Rytime-Dental serves the middle-class population by providing affordable, high-quality dental medical services in residential areas.

As of March 31, Arrail Group has 107 hospitals and clinics in China, covering 15 cities. The company also has 856 seasoned dentists and has served close to 6.3 million patients.

Startups on our Watchlist

LeoMed (乐奥医疗)

LeoMed is a medical device manufacturer founded in 2011. The company develops and produces all the key components of its devices independently. Their range of devices focus on digestive, vascular and respiratory illnesses; some are designed for advanced diagnostics and others for treatment, like minimally invasive surgery.

Additionally, the quality of LeoMed’s devices positions it as a domestic replacement for comparable imported devices from more developed markets. To date, the company’s products are used at more than 600 hospitals. LeoMed has also set up an institute to carry out academic activities and train students in surgical skills.

LeoMed raised over RMB 100 million (more than USD 15.4 million) in its recent financing round. The funds will be used for clinical research and marketing.

KrASIA News Picks

I spent a week using China’s digital yuan, here’s how it went

China’s digital currency has been a hot topic for quite some time. The government and banks have been enthusiastically promoting its adoption by running various trials, lotteries, and campaigns. Additionally, welcomed the digital yuan on its platform during this year’s 618 shopping festival, with some 130,000 consumers spending RMB 21 million (USD 3.25 million) in e-yuan.

Despite all this, few people see a reason to jump on board. One of our journalists, Julianna, spent a week using digital yuan and shared her experience. Here’s how it went.

China Venture Roundup
China Venture Roundup
China Venture Roundup is a weekly insight newsletter published by 36Kr Global's KrASIA team since 2020, covering top news, market moves and major trends in the Chinese startup and venture investment scene.

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