BEIJING, CHINA – December 8, 2017 – Haier-Ririshun Lejia, an affiliate of Haier, China’s leading consumer electronics and home appliances company, announced today it has received a 50M RMB funding from Qingdao Chengtou Haisi Cycle Equity Investment Fund (Qingdao Haisi Cycle Fund). Haier-Ririshun Lejia is a provider of integrated, technology-enabled solutions to e-commerce service providers and consumers to improve last mile package delivery and extended warranties.
Qi Yunshan, Vice President of Haier Electronics Group and the Chairman of Haier-Ririshun Lejia, announced the funding in the presence of Xing Luzheng, Chairman of the Qingdao City Construction Investment Group and Andrée-Lise Méthot, Founder and Managing partner of Cycle Capital Management. The Honourable Catherine McKenna, Minister of the Environment and Climate Change of Canada and Chen Liang, Director General of Foreign Economic Cooperation Office at the Ministry of Environmental Protection also witnessed the announcement.
The 50M RMB funding is the first investment of the newly established Qingdao Haisi Cycle Fund, a 600 M RMB industrial hi-tech venture capital fund that invests in technology-focused growth stage companies in China and North America that stand to benefit from cross-border collaboration. This investment will enable the development of an efficient and customized package delivery and service platform serving large network of locations and communities across China and addressing critical logistics and supply bottlenecks in e-commerce product delivery.
“We’re very proud that the first investment of the Qingdao Haisi Cycle Fund – a joint venture between Cycle Capital Management with Qingdao City Construction Investment Group, is in Haier-Ririshun Lejia, alongside Haier Group. By leveraging our financial and strategic resources, we are well positioned to support the management team and add value to the company through providing complementary technology connections, business strategy and expansion of market reach, including cross-boarder opportunities,” said Andrée-Lise Méthot, Founder and Managing Partner of Cycle Capital Management. “We also believe this investment will serve as a foundation for broadening collaboration with electronics and home appliances giant Haier Group in emerging technologies, global business acceleration and new initiatives.”
“This funding not only provide new capital to deploy our activities and services throughout China. With both Chinese and a North American investor on board, this funding is a clear demonstration that the technology we’ve developed has a great potential on global markets – a very important seal of approval for Haier-Ririshun Lejia” said Qi Yunshan, Vice President of Haier Electronics Group and the Chairman of Haier-Ririshun Lejia.
About Haier-Ririshun Lejia
Haier-Ririshun Lejia is an integrated service brand of Haier Group, the world’s leading home appliance provider. Haier-Ririshun Lejia is a specialized cluster service platform that aims to be a leading platform in post E-commerce era while Haier Group’s mission is to create innovative home appliances that anticipate the fast-changing needs of consumers all around the world.
About Qingdao City Construction Investment Group
Established in 2008, Qingdao City Construction Investment Group (Chengtou) is wholly owned by Qingdao municipal government and has total assets of 150 B RMB. In order to serve Qingdao’s strategic goal of developing a livable, auspicious and energetic metropolis, Chengtou engages in infrastructure construction, land and property development and investment, solar power generation, healthcare and environmental protection industries, financial services, international capital management, basic materials trading and education via 128 tertiary subsidiaries.
Chengtou plays a significant role in the economic development of Qingdao and has been innovative to improve market-oriented modes of operation in order to turn government resources into enterprises assets, enterprises assets into social capital, and social capital into enterprises capital. It has introduced a number of well-known state-owned key enterprises and municipal supporting units to accelerate the integration and development of land resources enhance land value and achieve win-win development.
About Cycle Capital Management
Cycle Capital Management (CCM) is an impact investor and the most active cleantech venture capital firm in Canada with almost $400M AUM (assets under management). With offices in Montreal, Toronto and Qingdao, and a presence in New York and Seattle, CCM invests in companies at the development and commercialization stages that commercializes clean technologies striving to reduce greenhouse gas emissions, optimizing resource use and improving process efficiency throughout North America.
CCM regroups seasoned investment professionals, strategic advisors and industrial partners with in-depth knowledge of the sector. The firm has a special relationship with its strategic partners, notably Brookfield Renewable Energy, Rio Tinto, Cascades, Group M3, Lonza, Gaz Métro, Systemex Énergies, Aluminerie Alouette and Hydro-Québec. For more information on Cycle Capital Management, visit: cyclecapital.com.
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