DAS Solar, which is engaged in the production of photovoltaic cells and modules, has completed its pre-IPO financing round co-led by state-affiliated investor Beijing Financial Street Capital Operation Group.
Local investment firm Kingray Capital, as well as an investment fund set up by logistics major GLP and Chinese logistics and property firm Xiamen C&D, also led the round, according to a company announcement.
The round saw the participation of SPIC Industrial Fund Management, the investment arm of State Power Investment Corporation, one of the top five power producers in the country and Sinopec Capital, the private equity arm of Chinese energy giant Sinopec Group. Local firms Huatai Zijin Investment, NRL Capital, and GF Xinde Investment also joined the round.
Founded in August 2018, the firm not only counts large state-owned companies as its major customers but also exports its products to over 60 countries.
Previously, the Quzhou-headquartered firm secured an undisclosed sum in February, joined by China Renaissance, CICC Capital, Jolmo Capital, Huge Capital, and Puhua Capital, among others.
CHINA DEAL MONITOR
DealStreetAsia has also put together a table listing all prominent venture capital transactions in the Greater China region from July 24– 30, 2023.