Jul 13, 2020 03:01 PM

CICC Capital, Xiaomi in $129 Million Financing for Energy Service Platform Newlinks

(Deal Street Asia) — Chinese energy services platform Newlinks Technology has garnered as much as 900 million yuan ($129 million) in a Series D round of financing led by China International Capital Corp.’s private equity arm CICC Capital.

With this, the total capital raised by Newlinks has reached over 2.4 billion yuan. The group claims that it is the largest funding in the field of digital energy services, according to a company statement.

The round was joined by new backer Xiaomi Corp. and returning investors including Korea Investment Partners (China), smart automobile player Nio’s investment arm Nio Capital and Yuyue Capital. KIP along with Nio Capital and Yuyue had together poured $110 million into Newlinks' Series C round back in November 2019.

China Renaissance served as the financial advisor to the deal.

Headquartered in Beijing, Newlinks operates three platforms – Chezhubang, Tuanyou, Kuaidian. It uses new generation technologies such as AI, big data, and IoT to provide digital energy infrastructure services. Tuanyou connects over 20,000 gas stations to serve 400 million drivers, while Chezhubang helps drivers locate the nearest gas station and enables cardless fueling.

Newlinks generated gross merchandise volume (GMV) of 50 billion yuan as of 2019, and it is expected to touch 100 billion yuan by 2020.

“The developments of 5G network and AIoT will profoundly change our lives and industries. The traditional sectors such as energy ask for digital and intelligent transformations. Xiaomi will firmly support Newlinks through our strong capacities on AI and IoT,” said Yue Kai, the head at Xiaomi’s supply chain finance arm SCF-MI, in the statement.

Newlinks will use the proceeds to initiate new business, Newlinks Cloud, to provide a one-stop cloud solution covering online payments, retail and finance management, and supply chain.

Previously, Newlinks has also been backed by a collection of marquee investors which include state-owned National Small Medium Enterprises Development Fund (National SME Development Fund), ACL Fund, Oriental Fortune Capital, Rizhao Caijin Investment Group, Sino Pacific Capital, Zero2IPO Investment, among others.

Contact editor Yang Ge (

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