China digest: Auto parts supplier Mancando bags $57m; IoT chip developer XINYI raises $28m

Huaxing Growth Capital Fund has led a Series B funding round of nearly 400 million yuan ($57 million) in B2B auto parts supplier Mancando, while Internet of Things (IoT) chip maker XINYI Information Technology has raised nearly 200 million yuan ($28 million) in a Series A+ round of financing.