Hengtong Submarine Power Cable Valuation, Funding & Investors

Hengtong Submarine Power Cable is valued at $2.5B as of July 2024.

Last Hengtong Submarine Power Cable valuation

$2.5B

Undisclosed stage · Jul 2024

Last Hengtong Submarine Power Cable funding round

$77M

Undisclosed stage · Jul 2024

Cumulative funding Hengtong Submarine Power Cable raised

$220M

across 2 funding rounds

Key investors in Hengtong Submarine Power Cable

  • Suzhou International Development Venture Capital
  • CCB Investments
  • Bank Of China
  • Changshu Guofa Venture
  • Bank of China Financial Assets Investment
  • Cinda Capital Management Co., Ltd

Hengtong Submarine Power Cable Overview

About Hengtong Submarine Power Cable

Hengtong Submarine Power Cable is a Jiangyin-headquartered manufacturer of high-voltage direct current submarine cables up to 525 kV and associated fiber optic systems for offshore energy transmission. As a wholly-owned subsidiary of Hengtong Optic-Electric Co., Ltd., listed on the Shanghai Stock Exchange, the company supplies integrated solutions for offshore wind farms and interconnector projects worldwide. It has delivered cables for the 1.4 GW Hornsea Project 2 in the UK, the 2 GW Sun Cable initiative linking Australia to Singapore, and multiple North Sea wind developments. Production facilities in China support global deployments with turnkey engineering services.


Founded

2009

HQ

ChinaSuzhou

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$2.5B (Jul 2024)

Hengtong Submarine Power Cable Valuation

Hengtong Submarine Power Cable is currently valued at $2.5B, based on its undisclosed-stage round in July 2024.

The $77M round was led by Baosteel, with participation from Zhuhai Hengqin Fengao Investment, Suzhou International Development Venture Capital and Cinda Capital Management Co., Ltd.

Hengtong Submarine Power Cable's valuation has moved from $2.5B at its undisclosed-stage round in March 2024 to $2.5B in July 2024, across 2 priced rounds.

Hengtong Submarine Power Cable valuation by funding round

Hengtong Submarine Power Cable valuation by funding round
DateStageValuation
Jul 2024Undisclosed stage$2.5B
Mar 2024Undisclosed stage$2.5B

Hengtong Submarine Power Cable Funding History

Hengtong Submarine Power Cable has raised a total of $220M across 2 funding rounds.

Hengtong Submarine Power Cable's first fundraising round was a $143M undisclosed-stage round in March 2024. The most recent completed round was a $77M undisclosed-stage round in July 2024.

Hengtong Submarine Power Cable funding rounds

Hengtong Submarine Power Cable funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2024Undisclosed stageBaosteel (lead); Zhuhai Hengqin Fengao Investment; Suzhou International Development Venture Capital; Cinda Capital Management Co., Ltd$77M$2.5BHengtong Submarine Power Cable, a wholly-owned subsidiary of Hengtong Optic-Electric founded in 2009, specializes in high-voltage (HV) and extra-high-voltage (EHV) power cable system solutions, including bundled fiber-optic cables for land-to-subsea applications. The company raised approximately $77.9M total, with its latest private equity round in July 2024 involving investors such as BAOSTEEL, Cinda Capital Management, Suzhou International Development Venture Capital, Zhuhai Hengqin Fengao Investment, and Hwabao Equity Investment for CNY 560 million ($77.1M equivalent). The parent company Hengtong Optic-Electric, a leading global provider of optical fiber, power cables, and submarine cables, achieved RMB 59.984 billion (USD 8.422 billion) in full-year 2024 revenue, up 25.96% year-on-year, with net profit of RMB 2.769 billion. Marine communication, including submarine optical and power cables, drove significant orders of about 5.5 billion yuan by end-2024, alongside projects like a 1.133 billion yuan marine energy contract in March 2025. Hengtong holds top-three global position in submarine cables, especially in Asia-Pacific, with 15% global market share via projects like PEACE phase-2 completion in 2024. The company competes with Hengtong Group and others in power transmission and subsea solutions, focusing on offshore wind, telecom, and renewable energy amid global submarine cable market growth from USD 29.94 billion in 2024.
Mar 2024Undisclosed stageBank Of China (lead); Bank of China Financial Assets Investment (lead); CCB Investments (lead); Changshu Guofa Venture (lead)$143M$2.5BHengtong Submarine Power Cable is a wholly-owned subsidiary of Hengtong Optic-Electric, specializing in high-voltage (HV) and extra-high-voltage (EHV) power cable system solutions, including options to bundle with fiber-optic cables for land-to-subsea applications. The company operates in the growing submarine power cable market, driven by offshore wind and renewable energy projects, particularly in China. The funding round matches the investors mentioned: Bank of China, Bank of China Financial Assets Investment, CCB Investments, and Changshu Guofa Venture, though sources list variations like CCBT Private Equity Fund. The company competes in a market projected to grow significantly, with HV&EHV submarine cables estimated at $10 billion globally in 2023, and key players including Hengtong Optic Electric alongside Prysmian, Nexans, and others.

Who has invested in Hengtong Submarine Power Cable?

8 investors have backed Hengtong Submarine Power Cable across its funding rounds, including Suzhou International Development Venture Capital, CCB Investments, Bank Of China, Changshu Guofa Venture, Bank of China Financial Assets Investment and Cinda Capital Management Co., Ltd.

Lead investors include Baosteel, Bank Of China, Bank of China Financial Assets Investment, CCB Investments and Changshu Guofa Venture.


Hengtong Submarine Power Cable Investors

Investors in Hengtong Submarine Power Cable by funding rounds participated
InvestorHQRoundsRoleFirst check
BaosteelChinaShanghai1LeadJul 2024
Bank of China Financial Assets InvestmentChinaBeijing1LeadMar 2024
Zhuhai Hengqin Fengao InvestmentChinaZhuhai1ParticipantJul 2024
Suzhou International Development Venture CapitalChinaSuzhou1ParticipantJul 2024
Changshu Guofa VentureChinaChangshu1LeadMar 2024
CCB InvestmentsChinaBeijing1LeadMar 2024

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Hengtong Submarine Power Cable Competitors

Hengtong Submarine Power Cable competitors include listed companies like Eutelsat, Fibocom Wireless, TKH Group and ITI, and private ones like Celero Communications and Upscale AI.

Public and private companies comparable to Hengtong Submarine Power Cable
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EutelsatFranceFrancePublicly listed$1.4B$483M$2.5B2.9x
Fibocom WirelessChinaChinaPublicly listed$1B$75M$2.5B2.2x
TKH GroupNetherlandsNetherlandsPublicly listed$2B$300M$2.4B1.4x
ITIIndiaIndiaPublicly listed$228M$57M$2.6B-
Celero CommunicationsUnited StatesLos Angeles, CAPrivate--$3B-
Upscale AIUnited StatesSan Jose, CAPrivate--$2B-

Hengtong Submarine Power Cable Public Comps

Hengtong Submarine Power Cable is still privately-owned, but its public comps include Eutelsat, Fibocom Wireless, TKH Group, ITI, Jushri Technologies, FOCI Fiber Optic Communications, HMS Networks, Hytera Communications, Digi International and FS.com.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Eutelsat$1.4B$483M2.9x2.9x8.6x5.6x
Fibocom Wireless$1B$75M2.3x2.2x32.0x34.1x
TKH Group$2B$300M1.5x1.4x10.4x9.7x
ITI$228M$57M10.4x-41.5x-
Jushri Technologies$75M($15M)34.6x31.7x(177.0x)1499.6x
FOCI Fiber Optic Communications$59M$4M37.2x31.6x522.6x512.9x
HMS Networks$365M$106M8.0x7.1x27.6x23.6x
Hytera Communications$896M$32M2.7x2.7x74.8x16.7x

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Common questions about Hengtong Submarine Power Cable

When was Hengtong Submarine Power Cable founded?Hengtong Submarine Power Cable was founded in 2009.
Where is Hengtong Submarine Power Cable headquartered?Hengtong Submarine Power Cable is headquartered in Suzhou, China.
Is Hengtong Submarine Power Cable publicly listed?No, Hengtong Submarine Power Cable is a private, VC-backed company.
What is Hengtong Submarine Power Cable's valuation?Hengtong Submarine Power Cable was last valued at $2.5B in its undisclosed-stage round in July 2024.
How much funding has Hengtong Submarine Power Cable raised?Hengtong Submarine Power Cable has raised $220M across 2 funding rounds.
What was Hengtong Submarine Power Cable's last funding round?Hengtong Submarine Power Cable's last funding round was a $77M undisclosed-stage round in July 2024, led by Baosteel.
Who are Hengtong Submarine Power Cable's investors?Hengtong Submarine Power Cable's investors include Baosteel, Bank of China Financial Assets Investment, Zhuhai Hengqin Fengao Investment, Suzhou International Development Venture Capital, Changshu Guofa Venture, CCB Investments, Cinda Capital Management Co., Ltd and Bank Of China.
Which companies are comparable to Hengtong Submarine Power Cable?Companies comparable to Hengtong Submarine Power Cable include Eutelsat, Fibocom Wireless, TKH Group, ITI, Celero Communications and Upscale AI.

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