Portfolio

Overview

A global leader in NCM811 cathode materials.

In 2018, GoldenSand Capital led Ronbay Technology's RMB 1.39 billion Series C financing. As a global leader in high-nickel ternary NCM811 cathode materials, Ronbay Technology became one of the first nine companies listed on the STAR Market in July 2019.

Investment Highlights

• Market leader: a clear domestic leader in ternary materials and ternary precursors, ranking first in overall strength.
• Downstream customers: serves leading customers across China, Japan, and Korea, including CATL, BAK, Farasis, Samsung, LG, Lishen, and others.
• Full value chain: covers waste battery recycling and resource recovery, ore extraction, precursor production, and power battery materials R&D and manufacturing.
• R&D innovation: top R&D teams in China and Korea with core technologies in nickel-cobalt-manganese metal recovery, high-temperature sintering, and particle-size control.
• Quality control: among the earlier domestic lithium battery cathode material suppliers to pass SDI and LG corporate quality certifications.

Overview

Ganfeng Lithium has a vertically integrated business model spanning upstream lithium extraction, midstream lithium compounds and lithium metal processing, and downstream lithium battery production and recycling.

Ganfeng Lithium is the world's third-largest and China's largest lithium compounds producer, and one of the world's largest lithium metal producers.

GoldenSand Capital invested as a cornerstone investor in Ganfeng Lithium's Hong Kong Pre-IPO round.

Investment Highlights

• Started as a midstream lithium compounds and lithium metal manufacturer, then successfully expanded upstream and downstream across the value chain.
• Built advantages in lithium raw material supply, cost, operating efficiency, and business synergy through an integrated layout.
• Offers more than 40 lithium compound and lithium metal products across five major categories.

Overview

SEEO held an exclusive license to core patents from Lawrence Berkeley National Laboratory.

Compared with other batteries, SEEO's solid-state lithium-ion batteries offered direct benefits including lighter weight, improved safety, doubled energy density, and 50% lower cost.

SEEO was founded in 2007, with technology originating from Lawrence Berkeley National Laboratory under the U.S. Department of Energy.

Investment Highlights

• Invested by GSR Ventures III in 2009, with an investment amount of US$16.13 million.
• Exited through Bosch's acquisition for US$26.54 million.
• The project is one of GoldenSand's representative investments in advanced global technologies.

Overview

Founded in 2007, Silevo was a high-efficiency solar cell manufacturer and a world-class technology developed by a Chinese team with far-reaching impact.

Multiple investment rounds totaled US$23 million. In 2014, Elon Musk's SolarCity acquired Silevo for US$350 million, generating an exit amount of US$40 million.

Investment Highlights

• Founder Dr. Xu Zheng focused on developing HIT-based solar cells.
• GoldenSand was one of the earliest institutional investors, leading the investment and continuing to provide capital and resource access.
• In 2012, Silevo increased mass-produced thin-film cell conversion efficiency to 23%, ranking first in China and among the top three globally.
• After acquiring Silevo, SolarCity used its technology to build a factory in Buffalo, New York, receiving US$750 million in government subsidies.

Overview

IAT Automobile Technology Co., Ltd. was founded in 2007 and is among China's first national high-tech enterprises. Its core business covers complete vehicle design for fuel vehicles and new energy vehicles, as well as related technical services for the automotive industry.

By the end of 2018, the company had more than 1,700 employees globally, including over 1,400 R&D staff, nearly 100 employees with master's or doctoral degrees, and nearly 80% with bachelor's degrees or above.

Investment Highlights

• The company was named one of China's Top 100 Innovative Enterprises in 2018, one of Asia's Top Ten Innovative Brands in its industry, and was again recognized as a Beijing science and technology R&D institution.
• Customers include FAW Group, BAIC Group, Dongfeng Motor, SAIC Motor, Honda, Hangzhou Duling, Li Auto, NIO Shanghai, Zhiche Youxing, and others.
• Maintains close strategic partnerships with multiple automotive engineering technology companies in Japan, Germany, Italy, and Korea.

Overview

Fisker was founded in California in 2005 and initially focused on hand-built supercars for customers.

At the North American International Auto Show in January 2008, Fisker launched its first self-designed model, the Fisker Karma, with a four-door coupe design.

In 2013, Fisker Automotive was acquired by Wanxiang Group through a US$247 million bid.

Investment Highlights

• A U.S. ultra-luxury electric vehicle manufacturer that produced the world's first solar-powered electric supercar.
• In 2009, the U.S. government provided Fisker with loans of up to US$530 million.
• The project generated more than 2x investment return in a short period of four months.

Overview

LatticePower, invested by GoldenSand from 2006, was the world's first LED chip company to achieve scaled production of globally leading GaN-on-silicon technology, and won China's first prize for national technology invention in 2016.

In March 2015, GoldenSand led a Chinese and international consortium to sign an agreement to acquire an 80.1% stake in Lumileds from Royal Philips of the Netherlands, with a transaction value of approximately US$3.3 billion.

Investment Highlights

• LatticePower is a model of industry-university-research collaboration, with more than 330 patent applications and applications across domestic and international markets.
• GoldenSand helped LatticePower introduce renowned institutional investors including Temasek and the World Bank.
• In May 2015, Shunfeng Clean Energy announced the acquisition of a 51% stake in LatticePower at a valuation of US$1.1 billion.
• Lumileds held approximately 4,000 LED-related patents and led the LED mobile flash and automotive lighting markets.
• The Lumileds transaction was terminated because CFIUS concerns could not be resolved, but GoldenSand built a strong relationship with Philips.

Overview

Qunar was founded in 2005 and invested by GSR Ventures I in 2006, making it GoldenSand's second investment project.

The investment amount was US$5.2 million. Through the NASDAQ listing, the total exit reached US$356 million, with valuation increasing 300x and fund return reaching 68x.

Investment Highlights

• Founder Zhuang Chenchao is a serial entrepreneur who had completed two successful startups and achieved financial independence by age 23.
• GoldenSand was among the earliest institutional investors to discover and recognize the Qunar opportunity.
• The company differentiated through visa search, flight search, and travel management, pioneering the 'price comparison + TTS' model and establishing a closed commercial loop.

Overview

Great Wisdom was founded in 2000, converted into a joint stock company in December 2009, and listed in January 2011.

GoldenSand's RMB Fund I invested in Great Wisdom in 2009 and was the only institutional investor participating before its listing.

The investment amount was RMB 81 million. Through the A-share listing, GoldenSand exited for RMB 1.2 billion, achieving a 14.8x return.

Investment Highlights

• Founder Zhang Changhong is a veteran in the securities consulting industry and proposed the 'full circulation plan' during China's split-share structure reform.
• GoldenSand followed the project for three years, ultimately earning Zhang Changhong's strong recognition and securing the full institutional allocation before listing.
• GoldenSand helped the company acquire Li Ka-shing's AA stock, contributing 80% of that year's profit and supporting a successful listing.