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Investment, Private Equity

CITIC Capital Leads $17M Round In Energy Saving Firm China Great Wall Environment Improving

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CITIC Capital has led a RMB120 million (US$17 million) series B round in China Great Wall Environment Improving Co., Ltd, a energy saving and environmental protection services company, which is part of China Aerospace Science and Technology Corp.

Founded in 2013, China Great Wall Environment Improving specializes in providing energy saving and environment protection solutions, including technology planning, capital arrangement, project construction, operations and management.

It has completed 10 projects so far, and as of the end of 2016, it had around RMB1 billion (US$140 million) asset under management.

The company previously raised a RMB120 million (US$17 million) series A round from Qiming Venture Partners and Delta Capital in 2015. Qiming remains the second largest shareholder after China Aerospace Science and Technology.

"China Great Wall Environment Improving focuses on energy saving and environment protection business opportunities in different sectors. Its sales grew rapidly in the past few years," said Peter Yin, a principal at Qiming, who is also a board member of China Great Wall Environment Improving. "We are positive about the company's future, and will continue to invest to help it list in domestic stock exchange."

The company plans to use the latest proceeds to invest in the energy saving and environmental protection projects related to the government's One Belt, One Roads initiative, as well as biomass power generation and garbage disposal projects.





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