According to Bloomberg News, a person familiar with the situation, who is not willing to be named, revealed that Weilai Capital, a related investment company, is about to complete the first round of overseas financing of about US$500 million. The financing will be used for new automotive technologies.
The person familiar with the matter pointed out that the company is currently negotiating with some sovereign funds, energy and insurance companies in Asia and Europe, and hopes to find potential investors in the first round of financing. The first phase of financing will be completed within one or two months. In addition, people familiar with the matter said that Weilai Capital is considering investing in overseas branches of some Chinese companies. A spokesperson for Wei Lai Capital declined to respond to the financing.
Bloomberg pointed out that China hopes to build the world's leading manufacturing industry with the "Made in China 2025" program. With the subversion of the electric car, autonomous driving and sharing concepts to the automotive industry, Chinese investors have invested heavily in research and development or acquisition of overseas technology.
According to reports, Weilai Capital, together with Gaochun Capital and Sequoia Capital, jointly invested 10 billion yuan to set up a fund, and has invested in 15 companies in the fields of car sharing, autonomous driving, and new automotive materials. Among them, in view of the growth of luxury mobile travel business in the Chinese market, Weilai Capital invested in the first car in November last year.
Zhang Junyi, a partner of Weilai Capital, said in a video interview with Bloomberg that Weilai Capital is very concerned about the restrictions imposed by the US President Trump administration on Chinese investment. Weilai Capital will adjust its US investment strategy, expecting a small stake in the investment and not intending to have any influence on the board.
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