Qinghai Lihao Semiconductor Material Co. Ltd. announced on September 27 that it has completed the Series B fundraising. Investors include CJS International (CTG). Oceanpine Capital, V Fund, China-Belgium Direct Equity Investment Fund, China-US Green Fund, Harvest Capital, ZUIG, etc. are the new investors that came onboard during the Series B. Zhengtai, IDG Capital, and JOLMO are the existing shareholders that injected more capital during the series B. Lighthouse Capital served as Lihao’s exclusive financial advisor for the series B. Lihao’s announcement was first picked up by other Chinese news outlets.
The Series B has raised around RMB 2.2 billion, and Lihao plans to use the proceeds to fund its R&D efforts and the construction of the second phase of its new base for manufacturing high-purity polysilicon. Lihao wants rapidly scale up its production capacity and become one of the Tier-1 suppliers for polysilicon. The production of the new base is set at 200,000 tons per year.
Lihao completed the Series A fundraising in December last year. Participants of the Series A were major Chinese suppliers for PV products such as Zhengtai and JSG as well as well-known Chinese investment firms such as IDG Capital and JOLMO.