Chinese state-backed asset management firm Yingke PE has invested 900 million yuan ($141.5 million) in Wanxiang A123, an energy storage arm of China’s Wangxiang Group, as it steps up efforts in the green tech sector by making a new bet on the core component of energy technologies and new energy vehicles (NEVs).
Yingke PE, which has almost 50 billion yuan ($7.9 billion) in assets under management (AUM), joined a list of Wanxiang A123’s existing shareholders including state-owned CDB Development Fund, as well as ICBC Credit Suisse Asset Management and ICBC Financial Asset Investment – two affiliates of Industrial and Commercial Bank of China (ICBC), the world’s largest commercial bank.
