China’s equipment supplier Zhongneng nabs $461m in Series C2, C3 rounds

Chinese engineering equipment supplier Zhongneng United Co Ltd has completed its Series C2 and C3 rounds of financing raising a total of over 3 billion yuan ($461 million), per a company statement on Tuesday. 

The Series C3 tranche was led by Fivestar Holdings and joined by Cosco Shipping Investment Holding’s investment arm Oakwise Capital Management, Hong Kong’s Venture Smart Financial Holdings and Shanghai’s authority-backed big data industry fund Yimei Capital.

The Series C2 round was led by existing investor Source Code Capital with the participation of returning backer Buhuo Venture Capital. Source Code Capital and Buhuo Venture Capital joined the Series C3 tranche as well. In 2019, the two investors had invested $50 million in Zhongneng’s Series B round. 

In August last year, Zhongneng had raised an undisclosed Series C1 round from state-owned State Power Investment’s sub-fund. Zhongneng has also been backed by China Merchants Group, Industrial and Commercial Bank of China, Focustar Capital, among others.

The company will use the latest proceeds to spruce up digital technology research and supply chain capacity.

China is among the world’s largest engineering equipment rental markets with an estimated size of over 750 billion yuan ($115 billion) in 2020.

Zhongneng, which started operations in 2016 in East China’s Nanjing City, is an industrial internet platform offering machinery devices leasing and logistics solutions for construction and infrastructure operations. Its offerings include heavy trucks, scissor operating platforms, fork trucks, telescopic bucket trucks, and excavators.  

Zhongneng’s platform claims to have served about 50,000 industrial clients in and out of China.

 

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.