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Li Auto chip unit signs 1.625bn yuan first funding round, valued at up to 17.1bn yuan
Коротко
Li Auto said on October 16 that its chip subsidiary, Shanghai Mahexin Technology (上海马赫心科技有限公司), has signed a first-round equity financing agreement with total subscriptions of 1.625 billion yuan. The round was led by Hangzhou Jingtao (杭州经韬), Lanchi Chuangtou (蓝驰创投) and Huaye Tiancheng (华业天成), with Qiji Chuangtan (奇绩创坛) participating. The maximum post-money valuation is 17.1 billion yuan, which applies if an additional subscription right of up to 500 million yuan is fully exercised.
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Li Auto announced on October 16 that its chip subsidiary, Shanghai Mahexin Technology (上海马赫心科技有限公司), has signed a first-round equity financing agreement with total subscriptions of 1.625 billion yuan. The round was led by Hangzhou Jingtao (杭州经韬), Lanchi Chuangtou (蓝驰创投) and Huaye Tiancheng (华业天成), with Qiji Chuangtan (奇绩创坛) also investing. [ 1 , 2 , 3 , 4 , 5 ]
According to IT Home, Li Auto put in 1 billion yuan through a wholly owned subsidiary, while the external investors together contributed 625 million yuan. Hangzhou Jingtao and its affiliated funds were also granted a one-time additional subscription right to invest up to 500 million yuan more at the same price before December 31, 2026. If that right is fully exercised, Mahexin Technology's post-money valuation would reach 17.1 billion yuan, the figure outlets reported as the maximum valuation. IT Home reported that Li Auto is expected to hold about 74.01% of the company once the financing is completed and will remain the controlling shareholder. [ 1 , 3 , 4 , 5 ]
CLS, citing Li Auto's announcement, reported that the funds will support research, development and commercialisation of the chip and domain controller business, advance product supply and cooperation with external customers, and expand industry opportunities, particularly outside the automotive sector, with the aim of improving economies of scale through wider use. [ 1 ]
IT Home, citing public reports, said Li Auto began studying the feasibility of developing its own chips in 2021, formally launched the project in 2022 and set up a dedicated team of about 200 people. Its in-house M100 chip (马赫 M100) entered mass production in vehicles in May 2026, debuting in the new Li L9 Livis. IT Home said the chip uses a 5nm automotive-grade process and a dynamic dataflow architecture, delivers 1,280 TOPS of computing power per chip and carries 8-channel LPDDR5X memory with peak bandwidth of 273GB/s. [ 3 ]
Citing Shanghai Securities News, IT Home reported that Li Auto calls the M100 the world's first mass-produced dynamic dataflow AI chip, with real-world operating efficiency above 82%. IT Home added that the M100 is now being delivered in models including the new Li L9 and L8. [ 3 ]
Почему это важно
According to Li Auto's announcement as reported by CLS, the money is meant to fund chip and domain controller development and commercialisation, supply products to external customers and expand into non-automotive fields. That points to the carmaker's in-house chip business seeking customers beyond Li Auto, while the carmaker keeps control of the unit.
Ключевые факты
- Li Auto's chip subsidiary Mahexin Technology signed a first-round equity financing agreement totalling 1.625 billion yuan. [ 1 , 2 , 3 , 4 , 5 ]
- The maximum post-money valuation is 17.1 billion yuan. [ 1 , 2 , 3 , 4 , 5 ]
- Hangzhou Jingtao, Lanchi Chuangtou and Huaye Tiancheng led the round; Qiji Chuangtan participated. [ 1 , 3 , 4 , 5 ]
- Hangzhou Jingtao and its affiliated funds received an additional subscription right of up to 500 million yuan; the 17.1 billion yuan valuation applies if it is fully exercised. [ 3 , 4 , 5 ]
- Li Auto contributed 1 billion yuan through a wholly owned subsidiary and external investors 625 million yuan, IT Home reported. [ 3 ]
- Li Auto is expected to hold about 74.01% of Mahexin Technology after the financing, IT Home reported. [ 3 ]
- Li Auto will remain the controlling shareholder. [ 1 , 3 ]
Подтверждено несколькими источниками
- Li Auto's chip subsidiary signed a first-round equity financing agreement of 1.625 billion yuan. [ 1 , 2 , 3 , 4 , 5 ]
- The maximum post-money valuation of the subsidiary is 17.1 billion yuan. [ 1 , 2 , 3 , 4 , 5 ]
- Hangzhou Jingtao, Lanchi Chuangtou and Huaye Tiancheng led the round, with Qiji Chuangtan participating. [ 1 , 3 , 4 , 5 ]
- Hangzhou Jingtao and its affiliated funds hold an additional subscription right of up to 500 million yuan, and the 17.1 billion yuan valuation assumes it is fully exercised. [ 3 , 4 , 5 ]
- Li Auto will keep its controlling stake. [ 1 , 3 ]
Пока неясно
- Whether Hangzhou Jingtao will exercise its additional subscription right before December 31, 2026. The 17.1 billion yuan figure is a maximum that depends on the right being fully exercised; the documents do not give the valuation without it.
- Li Auto's 1 billion yuan contribution and its expected stake of about 74.01%. Only IT Home reports these figures, and it does not say whether the stake assumes the additional subscription is exercised.
- Li Auto's description of the M100 as the world's first mass-produced dynamic dataflow AI chip, with real-world efficiency above 82%. This is the company's own claim, reported by IT Home citing Shanghai Securities News, and is not independently checked in the documents.
Что пишут местные СМИ
Хронология, местное время
- CLS reports Li Auto's announcement of the chip subsidiary's first-round financing. [ 1 ]
- Yicai reports the 1.625 billion yuan financing agreement. [ 2 ]
- IT Home publishes details including Li Auto's 1 billion yuan contribution and expected 74.01% stake. [ 3 ]
- 36Kr reports the deal and the additional subscription right of up to 500 million yuan. [ 4 ]
- Jiemian reports the deal. [ 5 ]