2023 is about to turn the page, looking back on the investment and financing in the primary market this year, the overall cold weather is still the same, there are more projects than money, and it is difficult to find a financier when the valuation declines, but there are also a few "proud snow and cold plums" dotted the whole winter.
The Securities Times reporter combined with the data of the execution (according to the financing amount) to sort out the top ten investment and financing cases in the primary market in 2023, and almost all of these companies that have received large amounts of financing are concentrated in the field of semiconductors and new energy vehicles, especially the head semiconductor companies still have a huge ability to absorb gold. In addition, industrial capital and state-level funds have become the main funders behind these large-scale financing cases.
Which companies will "attract money" the most in 2023?
01Jita Semiconductor completed 13.5 billion yuan of financing
In August 2023, Shanghai Jita Semiconductor Co., Ltd. (hereinafter referred to as "Jita Semiconductor") completed a financing of 13.5 billion yuan, bringing together a number of national funds, industrial investors, local funds, well-known financial investors, etc. According to public information, Jita Semiconductor is a characteristic process integrated circuit chip manufacturing enterprise, focusing on the R&D and manufacturing of characteristic production processes required for analog circuits and power devices, and the BCD, IGBT/FRD, SGT/MOSFET, TVS, SiC devices and other chips are widely used in automotive electronics, industrial control, power management, intelligent terminals, and even rail transit, smart grid and other high-end application markets.
It is worth mentioning that in 2022, Jita Semiconductor also introduced Dr. Zhang Rujing, known as the "father of China's semiconductor industry development", as an executive director. It is reported that at present, Jita Semiconductor has built two factories in Lingang New Area and Xuhui District of China (Shanghai) Pilot Free Trade Zone, with a total production capacity of 280,000 pieces and under construction, and has made significant progress in the 12-inch automotive chip project.
02Runpeng Semiconductor received a capital increase of 12.6 billion yuan
In August 2023, China Resources Microelectronics Co., Ltd. announced that its subsidiary, Runpeng Semiconductor (Shenzhen) Co., Ltd., plans to increase capital and expand shares and introduce external investors such as National Integrated Circuit Industry Investment Fund II Co., Ltd., after the completion of the transaction, the registered capital of Runpeng Semiconductor will increase from 2.4 billion yuan to 15 billion yuan, of which China Resources Micro intends to increase its investment by 2.575 billion yuan, and the equity ratio of Runpeng Semiconductor held by it will decrease to 33%; The second phase of the large fund plans to increase investment by 3.75 billion yuan, holding 25% of the shares, and the second phase of the China State-owned Enterprise Structural Adjustment Fund plans to increase investment by 1.5 billion yuan, holding 10% of the shares.
According to public information, Runpeng Semiconductor was established in June 2022 and is a power chip R&D provider, the company's business includes integrated circuit design, mask manufacturing, wafer manufacturing, packaging and testing and discrete devices, mainly responsible for the construction of China Resources Microelectronics Shenzhen 300mm integrated circuit production line project, focusing on the simulation of more than 40nm characteristic process, and the products are mainly used in automotive electronics, new energy, industrial control, consumer electronics and other fields. At present, Runpeng Semiconductor is still in the construction period and has not generated operating income for the time being.
03Nezha Automobile received RMB 7 billion in crossover round financing
In August 2023, Nezha Automobile announced that it had completed a crossover round of financing totaling 7 billion yuan. Nezha Automobile is one of the leading new car-making enterprises in China. In 2022, Nezha Automobile's annual sales will reach 152,000 units, ranking first among new car manufacturers. In the first seven months of 2023, 72,500 units were delivered, a year-on-year decrease of 6.11%.
According to the data, from September 2017 to July 2022, Nezha Automobile has received multiple rounds of financing, and in July last year, Nezha Automobile announced the completion of the D3 round of financing, with a financing amount of more than 3 billion yuan, plus the previous D1 and D2 rounds of financing, so far Nezha Automobile has accumulated nearly 10 billion yuan in the D round of financing. There are many enterprises and institutions that have invested in Nezha Automobile, including CATL, Shenzhen Venture Capital, 360 Group, Huading Capital, Zhihe Travel, etc.
04Huasheng New Energy received B+C round financing of more than 5 billion yuan
In November 2023, Huasheng New Energy announced the completion of more than 2 billion yuan in Series C financing, led by China Green Development Investment Group, followed by Bank of China Asset Management and China Post Insurance, and Wuxi Guolian Financial Investment Zhiyuan and Xinxing Assets continued to increase their weight. As early as January this year, Huasheng New Energy has received more than 2 billion yuan in Series B financing. Two months later, Hongtai Fund announced that it had participated in the B+ round of financing of Huasheng New Energy, so far the total scale of the B round of financing exceeded 2.4 billion yuan, and the post-investment valuation was 10 billion yuan. In other words, Huasheng New Energy will receive more than 5 billion yuan in financing in 2023.
Founded in 2020, Huasheng New Energy mainly lays out the research and development of silicon-based heterojunction solar energy technology and the large-scale mass production of products. According to the official website, one year after its establishment, the single-chip efficiency of Huasheng New Energy's HJT battery exceeded 25.26%. By the end of 2022, Huasheng's HJT production capacity had reached 2.7GW, accounting for nearly a quarter of the entire market. In September 2023, Huasheng New Energy announced that it would achieve company-wide operating profitability. It is worth noting that Huasheng New Energy has announced its listing plan in September last year, planning to start share reform in August 2023 and strive to launch IPO application in 2024.
05Haichen Energy Storage completed the C round of financing of over 4.5 billion yuan
In July 2023, Xiamen Hichain Energy Storage Technology Co., Ltd. (hereinafter referred to as "Hichain Energy Storage") completed its Series C financing, with a total financing of more than 4.5 billion yuan. The financing was co-led by China Life Equity and Financial Street Capital, co-led by Bank of China Assets, Goldstone Investment, SDIC China Merchants, China Venture Capital Fund, CICC Capital, CDH Baifu and Sino-US Green Fund, and followed by Shoujian Investment New Energy, Hefei Industrial Investment and existing shareholders Fenghe Capital, Jingwei Venture Capital, ABC International, and China Bing Guotuo. According to industry insiders, Haichen's post-investment valuation in this round exceeds 30 billion yuan.
Founded in 2019, the company is mainly engaged in the R&D, production and sales of lithium battery core materials, lithium iron phosphate energy storage batteries and systems. At present, the company's products include prismatic batteries, round batteries, battery modules and battery clusters, which can be widely used in household storage, base stations, photovoltaics, wind power, grid side, industrial and commercial energy storage and other scenarios. It has been 5 years since its establishment, and the company has completed 6 rounds of financing. At the same time, the company's A-share IPO counseling was also officially launched in July this year, with Huatai United Securities as its counseling agency.
06YOFC Advanced Semiconductor completed a round of financing of over 3.8 billion yuan
In June 2023, Anhui Changfei Advanced Semiconductor Co., Ltd. announced the completion of a round of equity financing of more than 3.8 billion yuan, with new investors including Optics Valley Financial Holdings, Fuzhejiang, Zhongping Capital, China Building Materials New Materials Industry Fund, CICC Capital's funds (CICC SAIC, CICC Ruiwei, CICC Zhixing, CICC Qihe), Haitong M&A Fund, Guoyuan Financial Holding Group's funds (Guoyuan Equity, Guoyuan Fund, Guoyuan Innovation), Luxin Venture Capital, Dongfeng Assets, CCB Trust, October Capital, Huaan Jiaye, Zhonghu Zhiyun, Baoyue Qicheng, Yunxiu Capital, etc.
YOFC focuses on the R&D and manufacturing of silicon carbide (SiC) power semiconductor products, with an annual output of 60,000 pieces of 6-inch SiC MOSFETs or SBD epitaxy and wafers, 6.4 million power modules, and 18 million power single tubes, and currently can provide 650V to 3300V SiC SBDs and SiC MOSFET related products. YOFC has started the construction of the second base located in "Wuhan China Optics Valley", with an investment scale of more than 6 billion yuan in the first phase of the project, and the total investment of the project is expected to exceed 20 billion yuan. The first phase of the project will be completed in 2025, when it will become the largest silicon carbide production capacity in China (with an annual output of 360,000 silicon carbide wafers), a complete packaging production line, and an integrated new highland including epitaxial growth and cutting-edge innovation center.
07AVATR Technology completed the B round of financing of 3 billion yuan
In August 2023, Changan Automobile announced that AVATR Technology announced the completion of Series B financing, raising 3 billion yuan and a post-investment valuation of nearly 20 billion yuan. After the completion of this capital increase, Changan Automobile's shareholding ratio remained unchanged at 40.99%, and CATL's shareholding was 14.1%, ranking second. In this round of financing, Changan Automobile, Southern Asset Management, Liangjiang Industrial Fund, etc. continued to make additional investments, and also introduced state-owned capital such as Chongqing Industrial Fund of Funds, Bank of Communications Investment, and Guangkai Holdings.
AVATR Technology was founded in July 2018, formerly known as Changan NIO, a joint venture between Changan Automobile and NIO, and changed its name to AVATR Technology in May 2011. At present, AVATR Technology has delivered more than 12,000 vehicles, although there are not many new energy vehicle companies, but the company has been deeply bound to Huawei and CATL. In August this year, AVATR Technology announced that it would become the first batch of new energy vehicle brands equipped with CATL's Shenxing super-rechargeable battery, and AVATR 11 Hongmeng Edition has also been launched.
08ESWIN Computing completed more than 3 billion yuan in Series D financing
In June 2023, Beijing ESWIN Computing Technology Co., Ltd. (hereinafter referred to as "ESWIN Computing") announced the completion of more than 3 billion yuan in Series D financing, which was led by Financial Street Capital, co-led by Guoxin Venture Capital, and followed by Yizhuang State Investment, Ruicheng Fund, Zhongxin Fund, Yixing Fund, GF Qianhe, Jiantou Investment, Guangzhou Industrial Investment Group, National Integrated Circuit Industry Investment Fund II, Yuncong Technology, Juanhu Dream, Chuxin Fund, Ceyuan Capital, UHD Industry Fund and other institutions.
Since its establishment in 2019, the company has taken RISC-V computing autonomy architecture as the core of development, and has now formed a full-stack platform integrating RISC-V software and hardware, and is a new generation of computing architecture chip solution provider with RISC-V as the core. RISC-V is an instruction set architecture based on a reduced instruction set architecture, which can improve the performance and programmability of computers, and is highly sought after by enterprises in the context of the explosion of cloud computing and AI. At present, RISC-V is in its infancy in the world, and Chinese companies are in the first echelon in ecological construction, and it is also regarded by domestic manufacturers as an opportunity for domestic chips to overtake in corners. In terms of hardware, ESWIN Computing has completed the development of a series of 32-bit embedded core processors and applied them to dozens of self-developed chip products, and the series of 64-bit processor cores has been verified, and related chip products will be used in multimedia, edge computing, wearable devices and other scenarios.
09Sunwoda Battery received more than 2.4 billion yuan in financing
In February 2023, Sunwoda announced that its holding subsidiary, Sunwoda Electric Vehicle Battery Co., Ltd. (hereinafter referred to as "Sunwoda Battery"), received investment from 19 investors, spending a total of 2.43 billion yuan, and obtained about 19.5% of the equity of Sunwoda Battery. Investors include Li Auto, SAIC, GAC Group and many other car companies. Based on this calculation, Sunwoda Battery's current valuation is about 12.4 billion yuan. After the completion of the capital increase, Sunwoda is still the controlling shareholder of Sunwoda Battery, holding 57.5% of the shares.
According to Sunwoda's previous disclosure, Sunwoda Battery has obtained power battery orders for a number of new models such as SAIC-GM-Wuling and Dongfeng Liuzhou, and has also carried out business cooperation with Renault-Nissan Alliance, Geely, Dongfeng Liuzhou and other car companies. According to data from the China Power Battery Industry Innovation Alliance, from January to November 2023, Sunwoda power battery installed capacity will be 7.24GWh, with a market share of 2.13%, ranking sixth in China.
10. Suteng Juchuang has raised more than 1.1 billion yuan through G series
In April 2023, Suteng Juchuang completed the G-1 series of 400 million yuan of financing, and the G-2 series of 790 million yuan of financing in the same period, raising a total of 1.19 billion yuan in two times. Founded in 2014, Suteng Juchuang is committed to promoting the large-scale commercialization and popularization of lidar, and is the only company in the world that has realized the mass production and delivery of intelligent solid-state lidar vehicle specification pre-assembly, and has received fixed-point orders for more than 40 mass-produced models from BYD, GAC Aion, WM Motor, Zeekr, Lotus Technology, Inceptio Technology, Zhitu Technology and other projects.
A few days ago, Suteng Juchuang has launched a global IPO and will be listed on the Hong Kong Stock Exchange on January 5, 2024. According to the prospectus, Suteng Juchuang has received many financings since its establishment, Suteng Juchuang completed C series financing in 2019, with a total scale of 250 million yuan of financing, and completed D series financing in December 2020, with a total financing amount of nearly 4 billion yuan so far. Investors participating in the new round of strategic financing include Yutong Group, Hubei Xiaomi Yangtze River Industry Fund, Hong Kong Luxshare Co., Ltd., Geely Holding Group, Lotus Technology, BAIC Group, Guangzhou Automobile Group, BYD Group, Desay SV, as well as Huaxing Capital, Yunfeng Fund, Kunzhong Capital, Greenwood Investment, Chenling Capital, Oriental Fuhai's funds, Kang Chengheng, Zhongxin Rongchuang and Xingshao Venture Capital.
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