China-based car parts provider New SORL Auto Parts raised RMB500m ($77m) on Wednesday in a series A round led by automotive manufacturer SAIC Motor’s FOF Hengxu Capital unit.
Logistics and public transport conglomerate Wenzhou Transportation, vehicle axle producer Zhucheng Yihe Axles and automotive parts manufacturer Qingte took part in the round, as did Auto Capital and State Power Investment Group Industry Fund Management, according to PEdaily.
New SORL Auto Parts produces commercial vehicles brake systems for lorries and buses in its home country and in markets including Europe, India, the United Arab Emirates and the United States.
Sorl Auto Parts had conducted a reverse takeover with Enchanted Village to list on the Nasdaq Global Select Market in 2004, before suspending trading in May 2020 when it completed a merger with Ruili International Merger Sub.