China’s Guodong Group nets $170m in pre-IPO round from Morgan Stanley, CICC, others
February 1, 2021
China’s leading communication infrastructure services provider Guodong Group said on January 29 that it has raked in 1.1 billion yuan ($170 million) in a pre-IPO round to advance national new infrastructure.
Guodong Group attracted new investors including American investment bank Morgan Stanley, Chinese Ping An Insurance’s investment arm Ping An Ventures, CICC Capital, CITIC Group’s brokerage arm CITIC Securities, and state-backed Guolian Group in the round, the investee said on WeChat.
Returning backers SPDBI International Holdings, an offshore investment bank of Shanghai Pudong Development Bank, and Changjiang Capital’s Changjiang Wonderbay Fund also participated. SPDBI had exclusively invested in Guodong’s Series A round in 2016, while Wonderbay Fund had backed Guodong’s Series B in 2017.