The founder of Stone Technology was led by Tencent in car building, and the contact between WEI Capital and Meituan was rejected

Tencent Group, NIO's second largest shareholder, is once again betting on new car projects.

36Kr learned from a number of insiders that Luoke Automobile, the car-making project of Stone Technology founder and CEO ChangJing, has completed a financing of 100 million US dollars at the end of 2021, led by Tencent Group, and the investment institution Sequoia has also participated in the investment.

Sources told 36Kr that as the lead investor, "Tencent has invested more than $50 million in this round of financing." At present, Luoke Automobile is conducting a new round of financing with a valuation of $2 billion.

In response to the above information, 36Kr asked the core executives of Luoke Automobile for verification, and as of press time, there has been no response. 36Kr asked Tencent for confirmation, and the other party said it would not comment.

Luoke Automobile is a car-making project founded by Chang Jing, the founder of Stone Technology, at the end of 2020. Changjing is a typical car enthusiast, especially fond of off-road vehicles, 36Kr has previously exclusively reported that the positioning of the first car of Luoke Automobile is to benchmark the off-road model of mercedes-Benz G series, hoping to use the extended range technology to break through 1000 kilometers in a single endurance. At present, Luoke Automobile is headquartered in Shanghai, Changjing serves as the chairman of the company, and Yan Feng, the former CTO of WM Motors, has joined the company as CEO.

Compared with Li Bin and Li Xiang in the previous batch of car-making waves, Chang Jing entered the bureau to build cars 5 years later, but his advantage may lie in the high starting point. Stone Technology, a sweeping robot company founded by Changjing, is a star project on the xiaomi ecological chain, which once created a market value of nearly 100 billion yuan on the science and technology innovation board.

From Chang Jing's past resume, he graduated from South China University of Technology majoring in computer science, software engineer, in 2011, served as a senior product manager of Tencent, after which, founded Meitu Tools Beijing Magic Map Genie, in 2014, founded Stone Technology.

Have a successful entrepreneurial experience, both software and hardware experience... This may be the key reason why Tencent still bets on Changjing despite the late entry time. Moreover, according to a number of insiders to 36Kr, Changjing is also a "product-type" car-making entrepreneur with current capital preferences, low-key, likes to delve into products, and his WeChat signature reads "I am a product manager".

Another late car-making entrepreneurial project, Li Yinan's Niu Innovation Energy, also has a similar background and is also favored by capital such as IDG.

However, Li Bin and Li Want are almost fully committed to the process of creating Weilai and Ideal Car, Li Bin first resigned as CEO of E-Car.com, and then sold E-Car to Tencent, and Li Wanted to leave Autohome when he founded Ideal Auto in 2015. Changjing is still the CEO of Stone Technology, and how to divide its energy between sweeping robots and car building is a problem.

The car-making industry is complex and difficult, and serial entrepreneurs such as Li Bin and Li Xiang have also experienced several twists and turns to become the head camp of today. Latecomers have missed the best time window, and it is difficult to win market confidence without full commitment. 36Kr learned that even Lei Jun, who created the Xiaomi Group, is gradually adjusting the business structure and handing over the mature mobile phone business to Xiaomi President Lu Weibing, who is more focused on auto projects. Chang Jing seems to be no exception.

Investors who had intended to invest in Luoke Automobile told 36Kr that Changjing has not been very involved in the daily operation of Stone Technology, and most of his time is spent on automotive products, and Changjing also told investors that car building will be the focus of his next work.

In 2014, the first round of cross-border new car manufacturing boomed, and Tencent, Ali and Meituan each bet on a head camp company. In 2020 and 2021, the second round of car manufacturing tide has sprung up again, typically represented by hardware entrepreneurs such as Lei Jun, Chang Jing and Li Yinan, and only the Internet giant Tencent has re-entered the market, will it become an important variable that affects the chess game?

Judging from past experience, giants can often rely on financial resources and halo effects to bring turning changes to the industry. In 2019, Ideal Auto was at the juncture of mass production, but it fell into financing difficulties, and it was meituan's timely investment that allowed Ideal Auto to get mass production funds.

Tencent is THE second largest shareholder of NIO, holding all of NIO's Class B shares, and its voting rights in NIO are second only to founder Li Bin. Also in 2019, Weilai fell into financial difficulties, and Tencent raised $200 million of key funds for the latter by acquiring e-car and making stock pledges for Li Bin in advance.

After Changjing's Luoke Automobile received investment from Internet giants and head financial institutions, it was inevitable to trigger industry alarm. Some investors revealed to 36Kr that after Tencent invested in Luoke Automobile, WEI Capital and Meituan had relevant people who intended to contact Luoke Automobile to discuss investment matters, but they were rejected.

"Perhaps in Chang Jing's eyes, WEILAI Capital Means (meaning) Weilai, Meituan Meas ideal car." The above-mentioned stakeholders analyzed to 36Kr.

However, there are also insiders who have been exposed to Tencent's investment to 36Kr that the current investment business of Internet giants is adjusting the strength and direction, and Tencent's investment in Luoke Automobile does not necessarily represent a special strategic intention, and it is more likely that the investment focus of Internet giants has shifted to hard technology and new energy.

The above-mentioned person revealed that in the process of Ideal Auto's IPO in the United States and the Hong Kong IPO, Tencent also participated in the roadshow, but felt that the valuation was too high and gave up, while Rivian, a U.S.-listed electric vehicle company listed last year, Tencent also participated in the investment.

Compared with the first wave of cross-border car manufacturing, the second wave of cross-border car manufacturers is indeed facing an increasingly urgent time window, but what cannot be ignored is that they generally have a higher starting point, are experienced, and are equally desperate.