- Companies
- Qinghai Lihao
Qinghai Lihao Valuation, Funding & Investors
Qinghai Lihao is valued at $1.6B as of September 2022.
Last Qinghai Lihao valuation
$1.6B
Series B · Sep 2022
Last Qinghai Lihao funding round
$313M
Series B · Sep 2022
Cumulative funding Qinghai Lihao raised
$313M
across 1 funding round
Key investors in Qinghai Lihao
IDG Capital
V Fund Management
Harvest Capital
Oceanpine Capital
Golden Rain Bogor
U.S.-China Green Fund
Qinghai Lihao Overview
About Qinghai Lihao
Qinghai Lihao is a Xining-based Chinese firm in new energy materials. It researches, produces, and sells lithium battery precursors and cathode materials, including high-nickel NCM powders for EV batteries. The company operates a 50,000-ton annual capacity plant, supplying CATL and BYD.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$1.6B (Sep 2022)
Sectors
Qinghai Lihao Valuation
Qinghai Lihao is currently valued at $1.6B, based on its Series B in September 2022.
The $313M round included Changjiang Securities, China-Belgium Direct Equity Investment Fund, IDG Capital, Haisong Capital, Harvest Capital and 6 other investors.
Qinghai Lihao valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2022 | Series B | $1.6B |
Qinghai Lihao Funding History
Qinghai Lihao has raised a total of $313M across 1 funding round.
Qinghai Lihao funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2022 | Series B | Changjiang Securities; China-Belgium Direct Equity Investment Fund; IDG Capital; Haisong Capital; Harvest Capital; Chint Group; U.S.-China Green Fund; Oceanpine Capital; Zhejiang Silk Road Fund; Golden Rain Bogor; V Fund Management | $313M | $1.6B | Qinghai Lihao Semiconductor Materials Co., Ltd., based in Qinghai province, China, specializes in developing high-purity semiconductor materials, particularly single crystalline and polycrystalline silicon for the photovoltaic industry. Founded in 2021, the company rapidly scaled, completing a CNY 2.2 billion (USD 304.7-313.4 million) Series B funding round on September 27, 2022, led by Changjiang Securities Innovation Investment with participation from Oceanpine Capital, V Fund, Harvest Capital, Zhejiang United Investment (Zhejiang Silk Road Fund), China-U.S. Green Fund, China-Belgium Direct Equity Investment Fund, Chint Group (Zhengtai), IDG Capital, and others including Golden Rain Bogor and Haisong Capital equivalents. The round achieved unicorn status with a valuation of USD 1 billion within 18 months of establishment. Funds were allocated to construct a manufacturing project targeting 200,000 tons annual output of high-purity silicon and enhance production capabilities, part of a three-phase project expected to generate CNY 20 billion annual output value by December 2022. The investors matched the query list, confirming the exact Series B round, with prior Series A in December 2021 backed by Chint Group, IDG Capital, and others. Lihao positioned itself as a key player addressing China's semiconductor material shortages, leveraging Qinghai's renewable energy for competitive polysilicon production. By late 2022, a capital increase by Aikewei for CNY 3.85 billion acquiring 2.78% stake implied a post-money valuation of CNY 13.849 billion (approximately USD 2 billion), highlighting peak valuations amid strong PV demand where wafer expansion outpaced silicon supply. Post-Series B, Lihao expanded rapidly with first-phase 50,000-ton polysilicon project commissioning in 2022 and ambitions for Tier-1 supplier status. In 2024-2025, it planned a Hong Kong IPO and became subject to acquisition interest, with Tongwei announcing plans to acquire 100% of Qinghai Lihao Clean Energy (related entity) via share issuance at RMB 15.20/share and cash, aiming to boost polysilicon capacity beyond 1 million MT amid industry consolidation. No sources reported revenue, ARR, or EBITDA figures near the 2022 round; projected output value is not revenue. |
Who has invested in Qinghai Lihao?
11 investors have backed Qinghai Lihao across its funding rounds, including IDG Capital, V Fund Management, Harvest Capital, Oceanpine Capital, Golden Rain Bogor and U.S.-China Green Fund.
Qinghai Lihao Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Sep 2022 | ||
| 1 | Participant | Sep 2022 | ||
| 1 | Participant | Sep 2022 | ||
| -- | 1 | Participant | Sep 2022 | |
| 1 | Participant | Sep 2022 | ||
| 1 | Participant | Sep 2022 | ||
| 1 | Participant | Sep 2022 | ||
| 1 | Participant | Sep 2022 | ||
| 1 | Participant | Sep 2022 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialQinghai Lihao Competitors
Qinghai Lihao competitors include listed companies like ADI Global Distribution, Ola Electric and Eos Energy Enterprises, and private ones like Ascend Elements, StoreDot and NW Storm.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Publicly listed | $4.8B | ($54M) | $1.6B | - | ||
| Publicly listed | $215M | ($97M) | $1.7B | 7.9x | ||
| Publicly listed | $114M | ($930M) | $1.4B | 9.9x | ||
| Private | - | - | $1.7B | - |
Qinghai Lihao Public Comps
Qinghai Lihao is still privately-owned, but its public comps include ADI Global Distribution, Eos Energy Enterprises, Ola Electric, FuelCell Energy, Amprius, Camel Group Co, T1 Energy, Emerald Horizon, Sinopec Kantons Holdings and Fluence Energy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.8B | ($54M) | 0.6x | - | (50.7x) | - | |||
| $114M | ($930M) | 21.8x | 9.9x | (2.7x) | (9.5x) | |||
| $215M | ($97M) | 8.8x | 7.9x | (19.5x) | (21.4x) | |||
| $158M | ($149M) | 6.3x | 6.7x | (6.7x) | (12.0x) | |||
| $72M | ($41M) | 18.4x | 10.9x | (32.1x) | 854.4x | |||
| $2.4B | $220M | 0.5x | 0.5x | 5.6x | 6.1x | |||
| $755M | ($210M) | 2.7x | 2.2x | (9.7x) | 52.8x | |||
| $259K | ($523K) | 4824.8x | - | (2390.4x) | - | |||
This data is available for Pro users. Sign up to see all Qinghai Lihao competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Qinghai Lihao
| When was Qinghai Lihao founded? | Qinghai Lihao was founded in 2021. |
| Where is Qinghai Lihao headquartered? | Qinghai Lihao is headquartered in Xining, China. |
| Is Qinghai Lihao publicly listed? | No, Qinghai Lihao is a private, VC-backed company. |
| What is Qinghai Lihao's valuation? | Qinghai Lihao was last valued at $1.6B in its Series B in September 2022. |
| How much funding has Qinghai Lihao raised? | Qinghai Lihao has raised $313M across 1 funding round. |
| What was Qinghai Lihao's last funding round? | Qinghai Lihao's last funding round was a $313M Series B in September 2022. |
| Who are Qinghai Lihao's investors? | Qinghai Lihao's investors include Changjiang Securities, China-Belgium Direct Equity Investment Fund, IDG Capital, Haisong Capital, Harvest Capital, Chint Group, U.S.-China Green Fund, Oceanpine Capital, Zhejiang Silk Road Fund, Golden Rain Bogor and 1 other. |
| Which companies are comparable to Qinghai Lihao? | Companies comparable to Qinghai Lihao include Ascend Elements, StoreDot, ADI Global Distribution, Ola Electric, Eos Energy Enterprises and NW Storm. |
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