(Yicai Global) Aug. 15 -- The Beijing-based mobile phone maker and technology firm Smartisan Technology Co. will receive at least CNY900 million (USD135 million) financing, with Chengdu municipal government fund to be the leading investor contributing CNY600 million (USD 90 million), said Luo Yonghao, CEO of the company.
In the current round of financing, Chengdu municipal government invested CNY600 million (USD90 million), with half coming through equity investment, and half in debt investment, the investors revealed. Furthermore, private equity funds will invest between CNY300 million (USD45 million) and CNY400 million (USD60 million), Beijing Business Today reported on Aug. 14.
After the current round of financing, coupled with funds from the supply chain finance, Smartisan's operating cash will reach CNY1.9 billion (USD285 million) by the fall, Luo said at the 'GeekPark Rebuild 2017' conference in early August.
Smartisan's mobile phone research and development will be on the right track, he said, adding that starting from next year, Smartisan may launch five to six products in high-end, mid-range and low-end segments each year like other mobile phone manufacturers.
Public information shows Luo founded Smartisan Technology in 2012. The company had made four rounds of financing previously. Luo holds 27.81 percent stake in Smartisan Technology.