VC investors exit battery maker BTR to China Baoan Group
Qiming Venture Partners, JD Capital and other VC investors have made a full exit from BTR China after Shenzhen-listed property developer China Baoan Group won regulatory approval to acquire the lithium battery maker.
According to a regulatory filing, China Baoan, which already indirectly owns an approximately 58% interest in BTR, has agreed to pay RMB724 million ($116 million) for the remaining 32% interest held by foreign investors.
Qiming sold 600,000 shares in BTR to China Baoan at RMB8.33 apiece, while JD Capital exited 2 million shares at the same price. Huagong Venture Capital and Tonglian Venture Capital each offloaded one million shares.
Upon completion of the deal, China Baoan will have a 89.93% stake in BTR.
Founded in 2000, Shenzhen-headquartered BTR claims to be the largest lithium-ion battery anode manufacturer in China. It also produces cathode materials.
AVCJ Research records show that a group of investors including Huagong, Tonglian, Qiming, JD and Shenzhen Cowin Venture Capital acquired a 7.44% stake in BTR China in 2010 for RMB127.5 million.
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