Flash sale e-commerce company Fanli has received up to $100m in series C funding from Rakuten in a deal that values it at $1bn.

Chongqinq Lummy Pharmaceutical has backed a $50m fund formed by venture capital firm TVM to invest in life sciences companies.

Legend Holdings, the largest shareholder in computer maker Lenovo and the parent company of Legend Capital, is set to raise between $2bn and $3bn when it goes public.

E-commerce company Souq.com is set to raise a $300m round from investors including Naspers at a $1bn valuation to support expansion.

The SoftBank-backed taxi hailing service has raised $85m to close its series E round at $400m, and will use the funding to expand its network to 200 cities.

The virtual-reality headset maker attracted funding from a range of corporates including Huayi Brothers, Tianyin and Aisidi.

First reported to be in advanced talks for its series D round in February, the Info Edge and Intel Capital-backed insurance policy aggregator has raised $40m.

Intel has set up a $12.8m angel fund in China, which will operate under its $19m internet of things-focused Mass Makerspace Accelerator programme.