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HomeFundingTravel Tech Startup Zhuzhou CRRC Times Electric Secures $597.3 Million in Equity...

Travel Tech Startup Zhuzhou CRRC Times Electric Secures $597.3 Million in Equity Funding – FUNDING NEWS

Zhuzhou CRRC Times Semiconductor, the parent company of Zhuzhou CRRC Times Electric, a maker of electric vehicle systems and trains, has completed an equity funding round, raising approximately $597.3 million.

Zhuzhou CRRC Times Semiconductor, the parent company of Zhuzhou CRRC Times Electric, a maker of electric vehicle systems and trains, has completed an equity funding round, raising approximately $597.3 million.

According to a regulatory filing dated March 29, the 26 strategic investments that joined the round included state-owned investors such as the investment platforms under the municipal governments of Zhuzhou and Yixing; power generator China Southern Power Grid, which runs the power grids in the southern provinces of Guangdong; and car manufacturer SAIC Motor.

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Following the transaction, the company’s registered capital will increase to $779.4 million from around $630.3 million, and CRRC Times Electric, which is dual listed on the Star Markets of Shanghai and Hong Kong, will witness a decrease in ownership to 77.7771%.

Guotai Junan Securities, the deal’s financial advisor, stated on Friday in its WeChat account that the funds will allow the strategic investors to collaborate with the company and share market and industry resources. Given that CRRC Times Semiconductor’s employee stock ownership programme took part in the funding round, the funding will contribute to the core employees’ morale being raised.

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The Zhuzhou-registered company was founded by its parent company in January 2019 and handles all aspect of semiconductor manufacturing, from planning and production to final product sales. Since the 1960s, its parent company Zhuzhou CRRC Times Electric has been involved in the industrialization and research and development of power semiconductor devices.

Investor interest in chipmakers such as CRRC Times Semiconductor has increased as China intensifies its endeavours to attain chip self-sufficiency.

About Zhuzhou CRRC Times Electric

As a subsidiary of CRRC, the largest Railway Transportation System Supplier in the world, Zhuzhou CRRC Times Electric operates. As a leader in cutting-edge technology, they manufacture power supply systems, rail maintenance vehicles, propulsion, and controls for rail applications.

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