Chinese energy service platform Newlink raises $129m led by CICC Capital

Chinese energy services platform Newlink Group has garnered as much as 900 million yuan ($129 million) in a Series D round of financing led by China International Capital Corporation’s private equity arm CICC Capital. 

With this, the total capital raised by Newlink has reached over 2.4 billion yuan ($343 million).  The group claims that it is the largest funding in the field of digital energy services, according to a company statement. 

The round was joined by new backer Xiaomi Corporation and returning investors including Korea Investment Partners (China), smart automobile player NIO’s investment arm NIO Capital and Yuyue Capital. KIP along with NIO Capital and Yuyue had together poured $110 million in Newlink’s Series C round back in November 2019. 

China Renaissance served as the financial advisor to the deal.

Headquartered in Beijing, Newlink operates three platforms – Chezhubang, Tuanyou, Kuaidian. It uses new generation technologies such as AI, big data, and IoT to provide digital energy infrastructure services. Tuanyou connects over 20,000 gas stations to serve 400 million drivers, while Chezhubang helps drivers locate the nearest gas station and enables cardless fueling. 

Newlink generated gross merchandise volume (GMV) of 50 billion yuan ($7 billion) as of 2019, and it is expected to touch 100 billion yuan ($14 billion) by 2020. 

“The developments of 5G network and AIoT will profoundly change our lives and industries. The traditional sectors such as energy ask for digital and intelligent transformations. Xiaomi will firmly support Newlink through our strong capacities on AI and IoT,” said Yuekai, the head at Xiaomi’s supply chain finance arm SCF-MI, in the statement. 

Newlink will use the proceeds to initiate new business, Newlink Cloud, to provide a one-stop cloud solution covering online payments, retail and finance management, and supply chain.  

Previously, New link has also been backed by a collection of marquee investors which include state-owned National Small Medium Enterprises Development Fund (National SME Development Fund), ACL Fund, Oriental Fortune Capital, Rizhao Caijin Investment Group, Sino Pacific Capital, Zero2IPO Investment, among others. 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.