China Digest: Sungrow Hydrogen, Xiaocaiyuan, TianCheng Aerospace bag fundingHarvest Capital has exclusively invested in Xiaocaiyuan, a major restauran…

In separate financing deals, restaurant chain Xiaocaiyuan, Sungrow Hydrogen and TianCheng have secured funding.   

Harvest Capital invests over $70m in restaurant chain Xiaocaiyuan

Consumption-focused investment firm Harvest Capital has exclusively invested in Xiaocaiyuan, a major restaurant chain in China known for its Anhui cuisine. 

Harvest Capital earlier invested “multi-million” US dollars in the restaurant chain in March 2023. Together with the fresh funding, Harvest has injected 500 million yuan ($70.4 million) into the firm, according to a release on December 19.  

The Tongling-registered Xiaocaiyuan has grown to have 500 restaurants across the country since its inception in 2013. 

With over 26 billion yuan ($3.7 billion) worth of assets under management, Harvest Capital also invests in the country’s modern service industry, according to the company website.

TianCheng Aerospace seals pre-IPO round 

Titanium materials manufacturer TianCheng Aerospace has raised over 600 million yuan ($84.5 million), with the participation of CCB Investment, ABC Capital Management, and China National Building Material’s New Materials Fund. 

Founded in 2007, the Xianyang-based firm previously received 20 million yuan ($3.1 million) in August 2021 from Kongtian Yunhai Fund. It claims to have developed the country’s first aerospace titanium alloy bars that can be used across industries like aerospace and healthcare. 

Legend Capital leads Sungrow Hydrogen’s Series A round 

Sungrow Hydrogen, the wholly-owned subsidiary of Shenzhen-listed solar inverter maker Sungrow Power Supply, has raised 660 million yuan ($92.9 million) in a fresh funding round led by Legend Capital, the fund management arm of Legend Holdings.

The round saw the participation of China-focused investors including GL Ventures, Eastern Bell Capital, China Merchants Venture Capital Management, and Howbuy FoF, among others, according to a company release on December 30. 

As the green hydrogen production arm of Sungrow Power Supply, the firm will use the proceeds for overseas expansion. Founded in June 2021, the Hefei-registered firm also offers gas-liquid separation equipment, hydrogen purification equipment and an intelligent hydrogen management system. 

Go to Source