Chinese smart vehicles maker ENOVATE announced on Wednesday that it has completed raising over 5 billion yuan ($742 million) in a new fundraising round, ahead of its planned initial public offering (IPO) in 2021.
Shanghai-based ENOVATE did not specify the investors in the new round, but it said that the transaction was led by China’s local government industry guidance funds and large state-owned banks. Upon the completion of the new financing, the firm has kick-started the fundraising work for its pre-IPO round.
