News

Completed the acquisition of cosmetic packaging company Zhejiang Ruichang Industry Co., Ltd (“RCP”)


March 9, 2020, Taipei - Private equity firm SKS Capital (“SKS”) has completed the acquisition of cosmetic packaging company Zhejiang Ruichang Industry Co., Ltd (“RCP”), its first buy-out deal in China.

“SKS’ vast international network and manufacturing prowess will complement RCP's strong existing foundation as it marches into new geographic and product markets," said RCP founder Mr. Xia, who will remain as Chairman post-acquisition. Mr. Xia is rolling over a significant equity stake as part of this transaction to continue supporting RCP in the next phase of expansion. The transaction is partially financed by a syndicate of Taiwanese banks.

“I am thrilled to work with my former mentors and compatriots again," said RCP General Manager Mr. Wei, who began his career in 1992 at HCP Packaging. The founders of HCP are the cornerstone LPs of SKS’ inaugural buy-out fund.
Kuei-Ho Chen, founder/CEO of SKS, said: “RCP fits seamlessly with our strategy to invest in cosmetics related companies with capable management teams that are poised for international expansion. We are impressed with RCP's growth under Mr. Xia and Mr. Wei’s stewardship, and we have a shared vision for building on this strong momentum.”

Mr. Chen added, “With the acquisition of RCP, we are one step closer to building a one-stop solution platform in the cosmetic industry, where my family has six decades of experience serving top global brands. Utilizing the expertise of our in-house operations and sales team, as well as the resources of our international partners and investors, we are uniquely positioned to help RCP and other players along the valuechain achieve global success.”

About Zhejiang Ruichang Industry Founded in 1997, RCP designs, develops and manufactures primary packaging containers mainly for domestic skincare and personal care brands in China. Its welltrained professional team offers a complete line of service from R&D, mold design and manufacturing, injection molding, blow molding, UV coating, silkscreen printing, hot stamping and assembling. With a new plant under construction, RCP is on the cusp of significantly expanding its product line, particularly in color cosmeticsCompany Website: http://www.rcpackaging.com/en/


Invested in Sendo, the #1 Vietnamese C2C marketplace

Aug. 16, 2018, Ho Chi Minh City - Sen Do Technology JSC (Sendo), the #1 Vietnamese C2C marketplace, today announced that it has secured an investment of USD 51 million led by the SBI Group from Japan for Series B round, having SoftBank Ventures Korea, Daiwa PI Partners, and SKS Ventures as new investors. The funding round from investors in Japan, Korea, and Taiwan was participated by all the existing investors, including SBI Group, FPT Group, eContext Asia, BEENEXT, and BEENOS.

Nguyen Dac Viet Dung, Executive Chairman and Co-Founder of Sendo, said: "The funding would help the company to expand the C2C platform Sendo, launch the B2C marketplace SenMall, and making SenPay the leading fintech platform in Vietnam. Our ultimate goal is to continue to support hundreds of thousands of Vietnamese sellers to prosper, and along the way help creating millions of jobs for the Vietnamese people. Having achieved the annualized GMV of 330 million USD, the company is on track to surpass USD 1 billion of GMV in 2020."Daniel Kang, Partner and Managing Director of SoftBank Ventures Korea, said: "Vietnam is at its inflection point, bolstered by rapid GDP growth, young population and willingness to adopt technology. Against this backdrop, Vietnam's e-commerce has strong growth potential and we believe Sendo's marketplace model will benefit from the environments the most."

In a fast-growing e-commerce market, Sendo has differentiated itself by focusing on not only Hanoi and Ho Chi Minh City but also the untapped Tier 2 cities population, where 70 million Vietnamese people live. Being a homegrown company also allows the company to have deep understanding of the Vietnamese local market and culture. Sendo currently serves more than 300,000 sellers and millions of buyers in all 63 provinces in Vietnam. To achieve its fast growth, Sendo focuses on utilizing the strength of partners in the ecosystem, such as merchants, third-party logistics, and advertising companies. The company also provides SenPay, a Mobile Wallet Service and Fintech solution on Sendo Platform as well as the off-line world.

About SendoLaunched in March 2012, Sendo is the #1 C2C marketplace in Vietnam, offering more than 10 million of products on its platform. This is also the first e-commerce marketplace combined with logistics providers and banks to provide customers with a full package of guaranteed transaction. In 2016, Sendo's fintech subsidiary FPT Wallet, which operates Senpay, received e-payment licensed from the State Bank of Vietnam.Company website: www.sendo.vn