Phylion Battery Co. Ltd., a Chinese lithium-ion batteries manufacturer for electric vehicles, has secured 810 million yuan ($120.2 million) in its pre-initial public offering (IPO) round.
Phylion Battery received the investment from Chinese private equity firm Yingke Capital.
Yingke said that the investment could be a significant development for Phylion while it is considering a public listing.
More so, Phylion intends to raise a total of $178 million in the pre-IPO round, with the fresh funds going to the company’s global expansion plan and adjustment of its equity structure.