We at EqualOcean tracked the major funding rounds or industry events that took place in China’s automotive market in January 2023. And the following is a list of deals that we have selected for you, based on a number of criteria, including the funding amount, the financial backers, and the segments in which the companies operate.
On January 31st, FreeTech announced the completion of its B+ round financing amounting to hundreds of millions of CNY, strategically invested by CCCC Blue Fund (Chinese: 中交蓝色基金), Qingyan Capital (Chinese: 清研资本), and Yunxiang Wuzhen (Chinese: 云享乌镇). Taihecap (Chinese: 泰合资本) served as the exclusive financial advisor. The investment will be primarily used for FreeTech's continuous technological iteration of its R&D, promoting the commerical landing of intelligent driving solutions via tech innovations.
In January, Anhui Huasun Energy Co., Ltd. (Chinese: 华晟新能源) (hereinafter referred to as Huasun) announced its completion of a B round financing of CNY 2 billion (USD 290 million). The investment was led by CNBM New Material RMB Fund (Chinese: 中建材新材料基金) and followed by Jintou Zhiyuan (Chinese: 无锡金投致源), Hidden Hill Capital (Chinese: 隐山资本) and Dayone Capital (Chinese: 日初资本) and more. This investment will be used mainly for the expansion of high-efficiency heterojunction (HJT) cell and module capacity and the company's continuous investment in R&D.
In January, Beijing Shiji Yunan New Energy Co., Ltd. (Chinese: 世纪云安) (hereinafter referred to as Shiji Yunan) announced its completion of a pre-A round financing of roughly 100 million of CNY, co-invested by Tongxi Capital (Chinese: 桐曦资本), NIO Capital (Chinese: 蔚来资本), Cash Capital(Chinese:国科嘉和), Fresh Capital (Chinese: 清新资本) and more. The funds raised will be used for the company's talent acquisition in various R&D centers, procurement and market expansion.
Shanghai Tangfeng Energy Technology Co.,Ltd. (Chinese: 上海唐锋能源科技有限公司) (hereinafter referred to as Tangfeng Energy) announced the completion of a Series C financing round of nearly CNY 300 million (USD 44 million), led by Hi-Tech Capital (Chinese: 金浦智能), Frontier Investment (Chinese: 前沿投资) and Dongfeng Asset Management (Chinese: 东风资管). Dr. Zhu Fengjuan, General Manager of Tangfeng Energy, said that the funds raised in this round will be mainly used for R&D and production line upgrades.
Recently, Genesys Microelectronics (Shanghai) Co., Ltd. (Chinese: 复睿微电子) (hereinafter referred to as Genesys Microelectronics) announced its completion of angel round financing of hundreds of millions of CNY, led by CICC Capital (Chinese: 中金资本) and Shanghai Baoding Investment Management (Chinese: 宝鼎投资) and followed by Ondine Capital (Chinese: 活水资本), Anhui Zhongchen Investment Group (Chinese: 安徽中辰投资集团) and more. The funds raised will be used for the company's talent acquisition in various R&D centers, procurement and market expansion, to promote the commercial landing of numerous EV cockpit and ADAS chip projects.
Zhejiang GeoforceChip Technology Co., Ltd. (hereinafter referred to as "GeoforceChip") (Chinese: 浙江地芯引力科技有限公司) recently announced the completion of nearly CNY 200 million in Series B financing. This round of financing was led by CETC Fund (Chinese: 中电基金). Co-investors include Hangzhou Chengtou Fuding Investment Management (Chinese: 杭州城投富鼎) and Ever State Capital (Chinese: 恒邦资本), Huayi Ventures (Chinese: 华义创投), Huazhi Rongke (Chinese: 华智融科), Prospect Bridge Asset Management (Chinese: 远桥资产), Caitong Capital (Chinese: 财通资本), and the existing investor Qianhai Guotai Fund (Chinese: 前海国泰基金) will continue to make additional investments.
Focusing on the development and production of LIDAR and aerial remote sensing technologies and products, SureStar (Chinese:北科天绘) announced the completion of a 180 million RMB Series B financing round on January 28th. This round of financing was led by Huiyou Capital (Chinese: 惠友资本) and followed by Guolian Tongshuo (Chinese: 国联通铄) and Hong Song Capital (Chinese: 泓松资本). This round of financing will be mainly used for the company's LiDAR mass production and scale application.
Sany Heavy Truck
Sany Heavy Truck (Chinese: 三一重工) announced that it completed a Series A financing round of nearly CNY 1 billion. This round of financing was jointly led by Hidden Hill Capital (Chinese: 隐山资本), China Merchants Capital (Chinese: 招商资本) and CMG-SDIC Capital (Chinese: 国投招商), followed by Rosefinch Capital (Chinese: 朱雀资产), Huaxu Fund (Chinese: 华胥基金) and other institutions, with Lighthouse Capital (Chinese: 光源资本) acting as the exclusive financial advisor. It is reported that this round of financing will be used to accelerate the product development and launch of the new generation of new energy heavy trucks and the company's continuous endeavor to expand its market share.
NIO Capital (Chinese: 蔚来资本) has led a series A financing round of hundreds of millions of CNY for the integrated battery recycling company Ruilong Technology (Chinese: 瑞隆科技). After this round of financing, Ruilong Technology will continue to make efforts in many aspects, such as waste battery procurement channel development, technological R&D to maintain the advantages of cost control and establishment of diversified channel systems.
Jiyu Technology (Chinese: 济驭科技) has completed a Pre-A round of financing of tens of millions of CNY, led by ZongMu Technology (Chinese: 纵目科技), a Chinese autonomous driving technology company, followed by Zeal Capital (Chinese: 佐誉资本) and SinoVest Capital (Chinese: 汉桥资本), Yizhou Capital (Chinese: 翊宙资本) and Bochi Asset (Chinese: 博池资产). This round of financing will be used for technical team expansion, product iteration, market development and production line construction.
Jinsheng New Energy
In January, Guangzhou Jinsheng New Energy Technology Co., Ltd (Chinese: 金晟新能源) (hereinafter referred to as Jinsheng New Energy) announced the company's successive completion of Series B+ and Series C financing, with Wanchuang Investment Bank (Chinese: 万创投行) serving as the chief financial advisor. The Series B+ round of financing was jointly invested by Dachen Caizhi (Chinese: 达晨财智), Stone Venture Capital (Chinese: 基石资本), Robert Bosch Venture Capital (Chinese: 博世创投) and Boyuan Capital (Chinese: 博原资本) whilst the Series C round was led by industrial capital firms with government backgrounds.
Anmaite Technology (Chinese: 安迈特科技) announced the completion of a Pre-A round of financing of tens of millions of CNY. This round of financing was invested by Oriental Fortune Capital (Chinese: 东方富海), Zibo Jingneng (Chinese: 淄博景能), and Beijing Capital Science & Technology Development Group (Chinese: 首都科技发展集团). This round of financing will be mainly used for product development, production line construction and business expansion.
Shenbo Electronics (Chinese: 申博电子) announced the completion of tens of millions of CNY in its angel round financing, co-invested by Rongsheng (Chinese: 融晟) and Suzhou High-tech Zone Science and Technology Angel Fund (Chinese: 苏州高新区科创天使基金). The investment will continue to be used to increase the company's investment in research and development and technology to accelerate the industrialization of related products and the development process of new products.
Beijing SinoHytec Co., Ltd. (Chinese: 亿华通, hereinafter referred to as "SinoHytec"), has successfully listed and commenced dealings on the HKEX in January, under the stock code of 2402 and the Offer Price is HK$60 per share on board lots of 50 shares each. SinoHytec is listed on the main board of HKEX, with 17,628,000 shares being offered globally. Among them, the International Offering was moderately over-subscribed, representing approximately 1.84 times the total number of 15,865,200 Offer Shares initially available under the International Offering. The Hong Kong Public Offering was slightly over-subscribed, representing approximately 0.29 times the total number of 1,762,800 offer shares initially available for subscription under the Hong Kong Public Offering.
Ouye Semiconductor (Chinese: 欧冶半导体) completed series A+ round of financing, led by SDIC China Merchants (Chinese: 国投招商) and followed by SAIC Venture Capital (Chinese: 上汽创投), Linxin Asset Management (Chinese: 临芯资本), SND Investment Group (Chinese: 苏高新创投), Forebright Capital (Chinese: 光远资本) and Qingke Capital (Chinese: 青稞资本).