Shanghai-based internet company 2345 Network Holding Group announced on Thursday that its wholly-owned subsidiary has recently invested in a partnership alongside institutions such as Guoce Capital, automotive parts system integration supplier HASCO, and battery giant Contemporary Amperex Technology Co., Limited (CATL).
The company is officially called “Shanghai Guoce Green Technology Manufacturing Private Equity Fund Limited Partnership.” According to the announcement, the partnership is expected to raise 1.301 billion yuan ($195 million), of which 50 million yuan comes from 2345 Network’s subsidiary.
This partnership will reportedly focus on private equity in fields like intelligent driving, semiconductors, new energy, new materials, medical devices, information technology and more.
Founded in 2005, 2345 Network is located in Zhangjiang High-Tech Park, Shanghai, and it has always adhered to the concept of “new technology changes life.” Based on digital platforms, it has carried out the strategy of “mobile internet + artificial intelligence.” It has 12 products including an accelerated browser, a picture viewing app and a file compression app, covering 260 million users.
The report disclosed last year by 2345 Network showed that the company’s revenue in the first half of 2021 was 501 million yuan, down 23.13% year-on-year, while the net profit was 221 million yuan, a year-on-year increase of 5.60%.
Thursday’s announcement pointed out that the investment of 2345 Network’s subsidiary will help the company to improve its capital operations ability, obtain investment income and improve its competitiveness with the help of the investment abilities, capital advantages and risk control abilities of professional investment institutions.