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Xiaomi backer closes $2bn worth of dollar and yuan funds

5Y Capital looks for startups that help young generations express themselves

Shanghai-based 5Y Capital holds shares in, SenseTime, Xpeng and other heavyweights.   © Reuters

HONG KONG -- 5Y Capital, a Chinese venture capital firm that has backed smartphone brand Xiaomi and short-video app Kuaishou, has closed an unspecified number of dollar- and yuan-denominated funds totaling more than 13 billion yuan ($2 billion).

5Y Capital did not disclose details such as the number and names of its newly closed funds, nor their respective sizes. It did not immediately respond to DealStreetAsia's request for comments.

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