Xiaomi Backs Sunwoda Power With CNY 1.7 Billion in China's 126-Deal Week

China's primary market logged 126 investment and financing deals in the week of October 24–30, with total disclosed financing of roughly CNY 10.146 billion (about $1.5 billion). The single largest deal was power battery maker Sunwoda Power, which secured a CNY 1.7 billion (about $255.5 million) C+++ round with participation from Hanxing Venture Capital, a wholly owned Xiaomi subsidiary.

Integrated circuits drew the most capital of any sector, pulling in about CNY 3.06 billion (about $459.9 million). By deal count, artificial intelligence, advanced manufacturing, integrated circuits, healthcare and enterprise services led the field. At the subsector level, investors concentrated on AI industry applications, optoelectronic chips, embodied intelligence, AI infrastructure, innovative drugs, sensors and quantum computing.

Where did the money land?

Seed and angel rounds accounted for the most deals — 45, or about 36% of the total. Series A followed with 32 deals, roughly 26%. By disclosed value, the picture flips: Series C and later stages raised the most at about CNY 3.368 billion (about $506.2 million), with Series B second at about CNY 2.94 billion (about $441.8 million). The gap signals a clear concentration of capital in more mature companies.

Shanghai led all cities with 30 financings; Shenzhen followed with 18 companies receiving investment. Guangdong, Zhejiang, Beijing and Jiangsu each saw more than 15 deals. Among institutions, SMIC Capital was the week's most active investor with six investments.

What were the week's headline hard-tech deals?

Beyond Sunwoda Power, three hard-tech financings above CNY 700 million (about $105.2 million) anchored the week.

• Weina Hexin, a compute-in-memory AI chip company founded in 2021, closed a Series C2 round of more than CNY 1 billion (about $150.3 million), led by Jiantou Investment with participation from Hangzhou Capital, Kaitai Capital, Xiaochi Capital, Yantai Financial Investment, Shengkun Investment, Guotai Taikang's Guotou Taikang, Lingyang Fund and others, plus increased commitments from several existing shareholders. Including its Series C1 round, the company has raised more than CNY 2 billion (about $300.6 million) in two months.
• Qujing Technology, an AI token production service provider, completed a Series B round of more than CNY 1.3 billion (about $195.4 million), co-led by Zhecai Innovation, Xiaoshan Capital, ICBC Investment, Zhongguancun Science City, Xinglian Capital and Qianjiang Century City. SenseTime, Wangsu Science & Technology and others followed on. The funds will expand AI token capacity, upgrade the ATaaS platform, and fund inference technology R&D.
• Naohu Technology, which develops implantable flexible brain-computer interfaces, raised CNY 700 million in Series B funding co-led by Guotou Juli, Shenzhen Capital Group and Qinzhi Capital, with SMIC Capital, IDG Capital and others participating. Proceeds will fund multicenter clinical trials, regulatory approval and a super factory for mass production.

Weina Hexin's technology matters for context: it combines "3D near-memory computing + SRAM compute-in-memory + RISC-V heterogeneous compute-in-memory" to deliver advanced-process-equivalent computing power using China's mature domestic manufacturing processes for cloud, edge and device-level large-model inference.

Why did Xiaomi bet on batteries?

The market read Sunwoda Power's round as Xiaomi deepening its electric vehicle supply chain position. Xiaomi has pushed its carmaking business in recent years and tightened control over key components such as batteries. Taking a direct stake in a battery maker through its venture capital platform helps consolidate power battery supply and technological coordination.

The week's data show China's primary market hasn't recovered across the board — it's concentrating. Integrated circuits alone absorbed about 30% of total financing, and Series C and later deals captured more than 30% of funds. Amid a still-unclear exit environment, institutions favor targets with higher technical barriers and closer proximity to the capital markets.

The ripple effects extend beyond China. Compute-in-memory chips, AI inference and brain-computer interfaces all sit on key tracks in the global technology race, and their linkages with advanced packaging, AI servers and sensor component supply chains are worth watching. Xiaomi-affiliated capital's direct move into batteries means vertical integration in China's EV supply chain is still accelerating — and the impact on battery material and module pricing will be the next thing to watch.