Two state-affiliated investors have joined Wuling New Energy’s fresh funding round while Chinese deeptech venture capital firm Ever State Capital has invested in Leascend Photovoltaic’s strategic round.
Wuling New Energy pockets $55m in strategic financing round
Wuling New Energy, the subsidiary of Hong Kong-listed automaker Wuling Motors Holdings, has secured 390 million yuan ($55 million) in a strategic financing round.
Two state-affiliated investors have participated in the round. Xuchang Jintou has agreed to pump in 200 million yuan ($28.2 million) in exchange for 5.05% of the registered capital of Wuling New Energy while Guangxi Guangtou, which agreed to invest 50 million yuan ($7.1 million) for 1.26% of the registered capital, according to an exchange filing dated January 16.
Chinese private equity firm Guangxi Ruiling has agreed to inject 110 million yuan ($15.5 million) for 2.78% of the registered capital while Wuling Motors, which holds a 13.37% stake at Wuling New Energy, invested 30 million yuan ($42.3 million).
The proceeds will be used for the R&D of new energy vehicle models and for setting up an intelligent network and platform for the Internet of Vehicles, among others.
Founded in June 2021, the Liuzhou-based firm taps into the highly competitive new energy commercial vehicles market. In the first half of 2023, it sold 4,700 G model new energy logistics vehicles, per the filing,
Leascend snaps $59.3m in a strategic financing round
Leascend Photovoltaic Technology, which is engaged in the production of high-efficiency heterojunction (HJT) solar cells, has bagged 420 million yuan ($59.2 million) in a strategic round.
Chinese deep tech venture capital firm Ever State Capital and a subsidiary of Shenzhen-listed Leascend Technology joined the round. Leascend Technology is the holding company of Leascend Photovoltaic Technology.
Founded in January 2023, Meishan-headquartered Leascend Photovoltaic is currently constructing the first phase of its 8GW product capability.