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Paul, Weiss represented KKR and DCP Capital in their investment in Xingsheng Preference Electronic Business Limited, a Chinese food and grocery supply and delivery e-commerce company, as part of a financing round. Xingsheng raised approximately $2 billion in this round. Upon the completion of the latest financing round, Xingsheng’s value will be an estimated $8 billion.

Xingsheng, as a market leader in the group-buying industry, and the online-to-offline (OTO) grocery industry have both seen growth accelerated as a result of COVID-19. We previously advised KKR’s investments in Xingsheng’s Series C, C+ and D financing rounds, which closed in 2019 and 2020.

The Paul, Weiss team included corporate partner Judie Ng Shortell.