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Jiumaojiu, a Chinese cuisine restaurant chain operator headquartered in Guangdong, debuted this week on the Hong Kong exchange, raising $267 million. The company currently operates 287 restaurants and manages 41 franchised restaurants in 39 cities in China and plans to about 370 new self-operated restaurants by 2021. Jiumaojiu said it will use the proceeds to expand the restaurant network, further strengthen the supply and support capabilities, and enhance its centralized procurement system. IDG Capital was an early investor in Jiumaojiu who joined its Series A round in 2014.
IDG Capital has joined a $1.7 million financing round in Korean artificial intelligence (AI) startup MoneyBrain. Founded in 2016, MoneyBrain works towards creating advanced AI and deep learning that resembles humans through video and voice synthesis. MoneyBrain's AI video technology is being implemented in different industries, including broadcasting services, education, entertainment, commerce, and mobile industry.