Asair, also known as Guangzhou Aosong Electronic, which engages in the production of micro-electromechanical systems (MEMS) sensors, has recently secured 700 million yuan ($99.8 million) in a Series D funding round.
The round roped in two state capital-affiliated lead investors: Chongqing Industry Investment Fund of Funds (FoFs), a 200 billion yuan ($28.5 billion) fund that invests in strategic and emerging industries in China’s megacity Chongqing, and Chongqing Science City Investment Holding.
Caritas Capital, a Shenzhen-based deeptech investment firm, also participated in the round, according to a company release on September 26.
Founded in 2003, Guangzhou-headquartered Asair had bagged 100 million yuan ($15.3 million) in a Series C round led by Addor Capital and Keywise Capital in December 2020.
The company, which specialises in the design of sensor chips, wafer production, sensor modules, and system solutions, plans to kickstart the operation of its eight-inch MEMS chip manufacturing plant in the first half of 2025, per the release.
Asair’s Series D investment is a rare late-stage deal in the Greater China market. There was only one Series D deal recorded in August, according to DealStreetAsia’s proprietary data.
The tepid public listing landscape could be one of the reasons that hinders investors from making more late-stage bets. However, analysts have predicted that Hong Kong’s IPO market could recover in the second half of 2024, while the A-share IPO activity would remain muted in the short term. According to a PwC report, around 80 companies will list in Hong Kong in 2024 and hit a fundraising level of HK$70-80 billion. That could bode well for the late-stage dealmaking scene going forward.