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Star Charge Nabs CNY 855 Million From CICC Capital
COVID-19 and China
Image credit: Andrew Roberts/unsplash

News of the firm's first-ever social financing round was completed on September 22, 2020. Leading investors include CICC Capital and Schneider Electric, followed by CCB International, Guochuang Zhongding, Shanghai Guohe Capital and Jiangsu Wujin High-tech Industrial Development Zone. Morgan Stanley served as the exclusive financial advisor.

According to Morgan Stanley, Star Charge has been a continuously profitable company so far, making significant investment institutions optimistic about its prospects.

Shan Junbao, President of CICC Capital, said, "We (CICC Capital) are an investment institution that not only looks at the track but also pays more attention to the players. From industry prospects, business models, organizational operations, product competitiveness and company development potential, etc., Star Charge is the most representative enterprise in China's new economic era."

At the same time, the NEV charging equipment manufacturer has also cooperated with 59 well-known car companies in the world, including Volkswagen, Porsche, Mercedes-Benz, Lexus, BYD and BAIC.

In July last year, Volkswagen Group, FAW Group, JAC Motors and Star Charge announced a joint venture, CAMS. The new joint venture is focused on launching a fast-charging station with an output of 360 kilowatts. 

According to the data, the registered capital of CAMS is CNY 812 million. Among them, Volkswagen Group, FAW Group and Star Charge hold 30% of the shares with JAC Motors holding the remaining 10%. 

Editor: Luke Sheehan
ANALYST
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