D&J China Funding, Investors & Competitors

D&J China has raised $700M across 3 funding rounds, most recently a $300M undisclosed-stage round in July 2019.

Last D&J China funding round

$300M

Undisclosed stage · Jul 2019

Cumulative funding D&J China raised

$700M

across 3 funding rounds

Key investors in D&J China

  • Warburg Pincus
  • Bain Capital
  • Sun Dongping

D&J China Overview

About D&J China

D&J China is a Shenzhen-based manufacturer of optoelectronic components and LED lighting products. It produces surface-mount devices, power supplies, and display modules for automotive, consumer electronics, and industrial applications. The company operates facilities in Guangdong province, exporting to over 50 countries with annual production exceeding 1 billion units. Established in 2005, D&J China supplies major clients including Philips, Osram, and domestic firms like Huawei, emphasizing quality certifications such as ISO 9001 and RoHS compliance.


Founded

2014

HQ

ChinaShanghai

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

D&J China Funding History

D&J China has raised a total of $700M across 3 funding rounds.

D&J China's first fundraising round was a $220M Series B in February 2016. The most recent completed round was a $300M undisclosed-stage round in July 2019.

D&J China funding rounds

D&J China funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2019Undisclosed stageBain Capital (lead)$300MD&J China is a Shanghai-based developer and operator of modern manufacturing parks, office/innovation parks, and business facilities targeting China's new economy sectors, including tenants like NIO, KUKA, Sartorius, AMD, Broadcom, Illumina, Johnson & Johnson, and WeWork. Co-founded in 2014 by Warburg Pincus and e-Shang Redwood co-founder Sun Dongping, the company focuses on tier-1 cities such as Beijing, Shanghai, and Shenzhen, aiming to expand its assets under management to five million square meters by 2020. Prior to the Bain investment, D&J had received at least $880 million from investors, including an $180 million Series D led by Warburg Pincus affiliate about two years earlier to grow its then two-million-square-meter portfolio. In July 2019, Bain Capital Credit committed $300 million to D&J China to accelerate its strategic growth, portfolio expansion, and presence in top-tier cities. The investment, described as a loan by one source and part of Bain's strategy in China's new economy infrastructure, followed earlier equity rounds and supported D&J's role as a scaled operator in industrial parks. Bain Capital partner Kei Chua highlighted the firm's interest in infrastructure supporting economic growth, marking the start of a long-term partnership. D&J China later became part of DNE Group, formed in late 2021 through the merger of D&J and New Ease China, which manages $16 billion in assets and operates over 14 million square meters of facilities including logistics, cold chains, manufacturing parks, life sciences parks, and urban redevelopment. In October 2023, Bain Capital and DNE established a $250 million JV for manufacturing parks in the Yangtze River Delta, building on their 2019 partnership and seed assets in key economic hubs to promote modern manufacturing clusters.
Sep 2017Series DWarburg Pincus (lead)$180MD&J China is a Shanghai-based real estate developer and operator specializing in business parks, R&D facilities, headquarter campuses, suburban offices, manufacturing facilities, and data centers, primarily targeting tier-one cities like Shanghai and Beijing. The funds were intended to expand D&J China's portfolio amid growing demand for modern industrial and flex spaces in China. At the time of the Series D, D&J China aimed to grow its assets to over 5 million square meters within three to five years, targeting a total asset value of RMB 45 billion by 2020. The company had projects like a 110,000 sqm corporate park in Shanghai’s Zhangjiang High-Tech Park and a 28,000 sqm building in Beijing’s BEZ IT Industrial Park, with involvement in data center construction around major cities including Beijing, Shanghai, Guangzhou, and Chengdu. Earlier in 2016, D&J launched the RMB 10 billion ($1.45 billion) D&J Zhiyan Equity Investment Fund with AVIC Trust for industrial infrastructure, and formed additional funds bringing total assets under management to over RMB 16 billion ($2.4 billion). Warburg Pincus expressed optimism about D&J's achievements in three years and corporate demand for specialized real estate. Sun Dongping, chairman and CEO, highlighted growth opportunities and the financing's role in portfolio expansion.
Feb 2016Series BSun Dongping (lead); Warburg Pincus (lead)$220MD&J China was a leading industrial real estate platform in China co-founded by Sun Dongping and backed by Warburg Pincus starting in 2014. The company focused on developing and operating modern manufacturing parks, life science parks, and IT parks across China's tier-1 cities, with approximately $5 billion in assets under management as of late 2021. On December 16, 2021, D&J China completed a strategic merger with New Ease China (a logistics infrastructure platform established in 2018) and raised over $1.5 billion in combined funding from investors including Partners Group, StepStone Group, Sequoia Capital, CPE, D1 Capital Partners, and existing shareholder Warburg Pincus. The combined entity was rebranded as DNE Group and became a comprehensive new economy infrastructure platform with over $11 billion in AUM and more than 10 million square meters of gross floor area across logistics, life science parks, modern manufacturing, urban redevelopment, and data centers.

Who has invested in D&J China?

3 investors have backed D&J China across its funding rounds, including Warburg Pincus, Bain Capital and Sun Dongping.

Lead investors include Bain Capital, Warburg Pincus and Sun Dongping.


D&J China Investors

Investors in D&J China by funding rounds participated
InvestorHQRoundsRoleFirst check
Warburg PincusUnited StatesNew York City, NY2LeadFeb 2016

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by D&J China

D&J China has acquired 1 company to date.

Last acquisition by D&J China was on December 16th 2021. D&J China acquired NewEase China for undisclosed valuation.


Latest Acquisitions by D&J China

NewEase China
Description
NewEase China is an investor and operator of urban logistics infrastructure hubs centered on airports and adjacent city facilities. The company develops comprehensive platforms that deliver efficient one-stop services for cargo handling, warehousing, and distribution. Based in Shanghai, NewEase China supports government initiatives by attracting high-quality enterprises to its sites in major Chinese airports like Pudong and Capital International. Established in 2014, it manages over 20 logistics parks nationwide, emphasizing time savings and cost reductions for e-commerce and express delivery operators.
HQ CountryChina
HQ City
Shanghai
Deal Date16 Dec 2021
Valuationundisclosed
EV/Revenue
EV/EBITDA

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D&J China Competitors

D&J China competitors include listed companies like Aramark, Madison Air, Rentokil Initial and Sodexo, and private ones like Groot Systems and China Post.

Public and private companies comparable to D&J China
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Groot SystemsNamibiaWindhoekPrivate--$30B-
AramarkUnited StatesUnited StatesPublicly listed$19B$1.2B$15B1.0x
Madison AirUnited StatesUnited StatesPublicly listed$3.5B$697M$12B3.9x
Rentokil InitialUnited KingdomUnited KingdomPublicly listed$6.9B$1.2B$11B2.1x
SodexoFranceFrancePublicly listed$28B$1.7B$9.5B0.5x
China PostChinaBeijingPrivate--$7.5B-

D&J China Public Comps

D&J China is still privately-owned, but its public comps include Aramark, Madison Air, Rentokil Initial, Sodexo, ISS World, Elis, Brookfield Business Corp, UniFirst, Alliance Laundry Systems and Wuchan Zhongda Group Co.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Aramark$19B$1.2B1.1x1.0x16.8x13.4x
Madison Air$3.5B$697M4.2x3.9x21.1x14.6x
Rentokil Initial$6.9B$1.2B2.1x2.1x12.6x9.7x
Sodexo$28B$1.7B0.5x0.5x8.4x9.7x
ISS World$13B$837M0.7x0.7x11.1x9.7x
Elis$5.5B$1.9B1.9x1.9x5.6x5.3x
Brookfield Business Corp$27B$6.6B2.1x9.0x8.7x23.9x
UniFirst$2.4B$326M1.9x1.8x14.2x14.1x

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Common questions about D&J China

When was D&J China founded?D&J China was founded in 2014.
Where is D&J China headquartered?D&J China is headquartered in Shanghai, China.
Is D&J China publicly listed?No, D&J China is a private, VC-backed company.
How much funding has D&J China raised?D&J China has raised $700M across 3 funding rounds.
What was D&J China's last funding round?D&J China's last funding round was a $300M undisclosed-stage round in July 2019, led by Bain Capital.
Who are D&J China's investors?D&J China's investors include Warburg Pincus, Sun Dongping and Bain Capital.
Which companies are comparable to D&J China?Companies comparable to D&J China include Groot Systems, Aramark, Madison Air, Rentokil Initial, Sodexo and China Post.
How many companies has D&J China acquired?D&J China has acquired 1 company, including NewEase China.

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