Chinese energy IoT platform Newlink Group bags $100m led by CMB International

Beijing-based energy services provider Newlink Group has announced a $100 million strategic investment in the company led by CMB International (CMBI), the Hong Kong subsidiary of state-backed China Merchants Bank.

Hongtai Aplus’ sub-fund, Guodiao Hongtai Fund, entered as a new investor alongside existing backers Joy Capital — a TMT focused firm that invested in GGV Capital-backed Nice Tuan and mock meat startup STARFILED — and NIO Capital.

Newlink had closed its Series D round in July last year raising 900 million yuan ($129 million) led by CICC Capital with participation from Joy Capital, NIO Capital, and Xiaomi Corporation, besides Korea Investment Partners (KIP).

In addition, Joy Capital along with NIO Capital and KIP had seeded $110 million in Newlink’s Series C round in November 2019.

The company is also backed by National Small Medium Enterprise Development Fund, ACL Fund, Oriental Fortune Capital, and Sino Pacific Capital, among others.

China Renaissance, which had served as the financial advisor for its Series D round, facilitated the latest transaction as well.

Newlink, which started operations in 2016, operates as an energy internet of things (EIoT) platform and new retail portal with a target to provide digital energy infrastructure services by new generation technologies comprising AI, big data, and IoT.

It manages six platforms including Tuanyou, Kuaidian, Newlink Cloud, and Newlink Logistics. Tuanyou connects over 20,000 gas stations to service 400 million drivers.

Besides, Newlink has served small-to-medium-sized enterprises such as Shell Group, Tencent’s WeChat, Chinese EV charging solution provider Teld, ride-hailing player Dida Chuxing, and China Construction Bank. 

Newlink is set to file for an initial public offering (IPO) in the US in the first half of 2021 with plans to raise $300-500 million, Chinese media National Business Daily reported on Friday.

China’s market size for energy service internet platforms was reckoned to reach $940 billion in 2020, according to a report by global consultancy services major Accenture in June 2016. 

Singapore Reporter/s

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

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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.