Chinese batteries

Phylion Battery secures $136 million in pre-IPO funding

The lithium-ion battery maker and scooter specialist is hoping to use the deal as a springboard for an IPO, possibly on Shanghai's looming new tech innovation board.

Phylion Battery has raised Rmb922 million $135 million in a round of private funding that it hopes will facilitate an eventual listing.

In a filing on Tuesday, the Chinese electric vehicle battery maker gave no indication of its new valuation as it name-checked Yingke PE, two Haitong-linked firms, National Power Investment Group and Boxin Capital among its investors.

But it had a pre-investment valuation of $583 million after trying to sell a 78% stake last year to Beijing Vantone Real Estate for $470 million. That deal eventually fell through

“The $583 million valuation for Phylion...
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