Infinity backs Chinese specialist chip maker
Infinity Group, the Israel-based private equity firm created by China Development Bank and Israeli conglomerate IDB Group, has committed RMB8 million ($1.2 million) to Solorein Technology. It is the first investment made through Infinity’s Chengdu Shuangliu Fund, a vehicle set up in partnership with Shuangliu local government.
The capital will be used to support R&D efforts and expand production capacity. Solorein claims to be the only domestic producer of chips for use in planar light-wave circuits (PLC). These chips are known as "triple-play" because they facilitate the integration of telecom networks, cable TV and the internet.
The company is expected to benefit from a central government pledge to invest RMB150 billion in fiber-optic broadband networks over the next three years. China will add 50 million broadband subscribers during this period and the country's triple-play market is tipped to reach RMB1.5-2 trillion.
"Solorein develops and manufactures the leading PLC technology in China. This is one of the reasons that make this company one of the most worthy investment opportunities in the Sichuan area," said Amir Gal-Or, Infinity's founder and managing partner. He added that the private equity firm's IT and communication technology resources would be used to help develop Solorein's capabilities.
Infinity targets Chinese technology companies that are looking to expand overseas as well as international ones keen to build a presence in China. It currently manages 16 funds, 14 of which are China-based, and claims a portfolio of 45 companies.
The China funds - in both renminbi and US dollars - predominantly operate as joint ventures with local governments. Their network of partnerships includes Beijing, Suzhou, Harbin, Changzhou, Shijiazhuang, Ningbo, Tianjin, Chengdu, Yangzhou, Jining, Chongqing, Hongze and Nanjing.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.