Shang Qi Capital raises $232m

The Shanghai-based investment firm holds a first close on its latest fund.

Fund name: Qingdao Shangqi Huizhuzhanxin Fund
Fund size: 1.5 billion yuan
Stage of fundraising: First close

Shang Qi Capital announced the first close on its Qingdao Shangqi Huizhuzhanxin Fund on 1.5 billion yuan ($232 million; €197 million). Capital raised for the vehicle will invest in the automotive sector in China, including pan-automotive industry chain, automotive electronics, new energy, intelligent networking, travel services, new materials, semiconductors and information security related to the automotive industry chain.