China Digest: SB Energy invests in Aulton; Zhongneng nabs funding

In what seems to be a strategic investment, Aulton New Energy Automotive Technology has raised an undisclosed amount from SB Energy. In a separate development, Zhongneng United has raised funding in its Series C1 round from state-owned SPIC Industrial Fund Management.

SoftBank’s SB Energy invests in Aulton

In what seems to be a strategic investment, Shanghai-headquartered energy service internet platform Aulton New Energy Automotive Technology has raised an undisclosed amount from SB Energy, a subsidiary of Japanese conglomerate SoftBank Group, per an announcement.

The current round of funding comes in after it raised a Series A round from NIO Capital in May 2018.

Aulton provides a one-stop battery-swap solution for EV transportation through smart internet technology. It has served novel matches such as 2008 Beijing Olympic Games, 2010 Shanghai World Expo and 2020 Guangzhou Asian Games.

In the statement, SB Energy’s CEO Shigeki Miwa said that the investment is aimed at facilitating a low-carbon society.

Zhongneng nabs Series C1 funding

Chinese engineering equipment provider Zhongneng United on Monday said it has raised an undisclosed amount in its Series C1 round from SPIC Industrial Fund Management, a 30 billion yuan ($4.3 billion) joint fund co-launched in 2015 by State Power Investment Corporation Limited and Shenzhen local financial authority.

The development follows the completion of over 1 billion yuan ($143 million) strategic investment in the company from entities such as Industrial and Commercial Bank of China (ICBC), Bank of Jiangsu, Bank of Ningbo and China Merchants Bank in July 2019.

Zhongneng will allocate the proceeds to accelerate digitalisation, service network development and talent management, the company posted on WeChat.

Set up in 2016 in Nanjing, Zhongneng is a business-to-business (B2B) company that produces industrial engineering devices mainly for aerial work platforms. It claims to have served over 30,000 clients in 25 provinces across countries.

The company’s early-stage investors include Source Code Capital, Fivestar Holdings, Buhuo Ventures, Focustar Capital, 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.