Shangqi hits $575m second close on renminbi fund

The target was stated in a filing by SAIC Motor in March, announcing a first close of CNY 3.37bn. The 13 LPs included SAIC Financial Holdings – the entity that sits above Shangqi – Donghua Automobile, Zoomlion Automotive Electronics, and several government guidance funds. Existing investors account for 40% of the corpus with SAIC Financial Holdings alone contributing 29%.

Henan Shangqi Huirong Shangcheng No. 1 Industrial Fund will focus on automotive electronics, semiconductors, and new energy. Specific areas of interest include autonomous driving, smart cockpits, low-carbon travel, and information security, according to a statement.

Shangqi Capital was established in 2012 and underwent mixed ownership reform – bringing in external investors – in 2017. The firm claims to benefit from SAIC Motor’s industrial insights and the “efficient collaborative empowerment” of being part of SAIC Financial Holdings. Assets under management are currently CNY 37.7bn.

There have been investments in more than 180 companies to date, of which 48 have been fully or partially exited. A total of 26 companies have gone public, while 11 have submitted listing applications.

Investments have generally targeted the automotive industry supply chain, notably in areas tied to new energy vehicles. Current and past investments include CATL, Amlogic, Shanghai SK Automation Technology, Jita Semiconductor, and Ruipu Energy.

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• Topics
• Greater China
• Renminbi fund
• Fundraising
• Technology
• China
• automobiles
• Electric Vehicles
• Shangqi Capital
• Fundraising
• Renminbi