On December 5, Yanshan Technology made an announcement stating that its majority-controlled subsidiary, Nullmax (Cayman), is set to embark on a Series C funding round with a cap of USD 100 million. In the first phase of this financing effort, the plan is to onboard a prominent domestic automotive-grade chip company as a strategic investor. This move is based on the business synergies between the two entities and will be achieved through a capital increase and share expansion mechanism. The intended investment from this investor stands at USD 10 million. When converted using the exchange rate on the day of signing the agreement, this amount translates to RMB 300.68 million.

Prior to this investment, Nullmax (Cayman) boasts a pre-investment valuation of USD 425 million. This valuation marks a 9.04% uptick from its previous post-Series B funding valuation of RMB 2,757.5 million. Once the capital increase is finalized, the strategic investor will secure a 2.45% ownership stake in Nullmax (Cayman). This deal is expected to significantly propel the strategic partnership between the two companies to new heights.