China’s Shang Qi Capital secures first close of automotive sector fund at $232m

China’s Shang Qi Capital secures first close of automotive sector fund at $232m

Shang Qi Capital, the private equity (PE) arm of China’s state-owned automobile giant SAIC Motor, has reached the first close of its new fund — Qingdao Shangqi Huizhuzhanxin Fund — at 1.5 billion yuan ($232 million), according to an announcement this week.