Chinese technology giant Tencent made a rare foray into the manufacturing sector by leading a $160 million funding for industrial product supplier Zhenkunhang, underlining its intention to help transform the industrial product supplier with the power of technology.
Tencent was the only new investor in Zhenkunhang’s series D funding, which involved commitment from existing shareholders like Eastern Bell Capital, Genesis Capital, Matrix Partners and Legend Capital, the venture capital arm of Chinese conglomerate Legend Holdings, the company said in a statement on Tuesday.
China Renaissance was the sole financial advisor to Zhenkunhang.
Zhenkunhang’s series D funding is the largest private fundraiser by a...
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