China-based electronics production services provider Huaqin Communication Technology has raised more than RMB1bn ($143m) from investors including subsidiaries of semiconductor technology producers Intel and Qualcomm, DealStreetAsia reported on Friday.
Intel Capital and Qualcomm Ventures were joined by industrial real estate developer Zhangjiang Hi-Tech, brokerage CMSC, financial services firms CMB International and China Merchants Bank, SinoKing Capital, Wise Road Capital and SummitView Capital.
Founded in 2005, Huaqin is an original design manufacturer, designsing and producing equipment like communication and mobile devices such as smartphones, tablets, laptops and smartwatches as well as computer servers, automotive electronics and internet-of-things (IoT) systems on behalf of clients.
The company generated almost $4.4bn in revenue in 2018 and is on track to expand that amount to more than $5.1bn this year, according to DealStreetAsia. The funding will support research and development activities.
Zhangjiang Hi-Tech invested $21m in return for a 0.96% stake in Huaqin, according to a stock exchange filing cited by DealStreetAsia, suggesting the round valued the company at nearly $2.1bn.
Intel Capital led Huaqin’s $136m series A round in December 2017 with Hua Capital, investing together with Tsinghua Sinoking Capital, Wise Road Capital, SummitView Capital, Walden International and Northern Light Venture Capital.
