SAIC Motor’s FOF Hengxu Capital subsidiary has led a round for the automotive parts manufacturer, investing alongside backers including Wenzhou Transportation, Zhucheng Yihe Axles and Qingte.

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…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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