GSR, Temasek exit Chinese LED lighting firm Lattice Power

Visual from the company website

Hong Kong-listed Shunfeng International Clean Energy has reached a deal to buy a controlling stake in Chinese LED lighting producer Lattice Power, according to a securities filing.

The deal will see several existing investors in Lattice Power – including Singapore state-fund Temasek Holdings and US private equity firm Oak Investment Partners – making an exit.

Shunfeng International Clean Energy will pay $263 million for a 59 per cent stake in Lattice Power. Other investors who are part of the sellers’ group include, an entity affiliated with Crescent HydePark, GO Scale Capital, which is an investment fund sponsored by GSR Ventures, Mayfield Fund, as well as GSR Ventures, according to a report in China Money Network.

“Shunfeng International will issue 392 million newly issued shares at HK$5.20 per share to the sellers. The new shares represents approximately 12.73 per cent of the existing share capital of the company, and 11.29 per cent of the enlarged share capital,” the report in China Money Network added.

But the filing does not indicate how much stake each of the sellers will be selling as part of this deal.

Temasek had invested in the company when it had raised a series B round of $40 million in 2007. The other investors in that round were AsiaVest Partners, Mayfield Fund and KPCB China Management.

Post that, Lattice Power raised two more rounds, the latest being an $80 million Series D financing last year, led by Asia Pacific Resources Development Investment.

In 2010, in a Series C round, it had raised $55 million from GSR Ventures, the International Finance Corporation, HydePark and AJIA Partners.

The company was launched in 2006 and shortly afterward, it had it got its first investment, and the $10 million Series A financing round witnessed participation from GSR Ventures, Mayfield Fund, and AsiaVest Partners.

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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.