The vehicle will support small-scale experiments and prototypes and give researchers linked with both institutions the opportunity to exchange ideas.

Spotify and Tencent-owned music streaming service TME have taken equity stakes in each other as they reportedly each prepare for an IPO.

Shimao Property, Nan Fung and Shui On Land have contributed to a $17.9m series B round for property storage provider Boxful.

Existing investor Alibaba has participated in a round that valued the rapidly expanding bike hire service at $3bn.

Dalian Yifang Group has contributed to a $30.2m series B round for Etong, which will use the funding to expand its customised checkup services.

China Electronics Corporation Data led the doctor-focused social media app's latest round, which included existing investor Tencent.

Travelers Companies, Scotiabank and Bank Hapoalim are among the LPs for Viola FinTech, which has raised $100m of a $120m to $150m target.

Google has paid $10m for a 33.8% stake in Dunzo as part of a $12.5m series B round the company will use for geographical expansion.

Electric vehicle developer and rental service Chehejia has raised $151m in a round backed by insurers China Taiping and Ping An.