Chang Guang Satellite Technology raises US$374m in pre-IPO round

Chinese developer of commercial remote sensing satellites Chang Guang Satellite Technology has close 2.464 billion yuan ($374.2 million) pre-IPO round of funding. According to the press statement, the round financing was mainly backed by private equity unit of Haitong Innovation Capital Management, Shenzhen Capital Group a government-guided investment group and Shanghai-based PE firm Estar Capital.

Other participating investors include CICC Capital, Matrix Partners China, Shanda Capital and CAS Star. Government-guided fund northeastern China’s Jilin Province and Chang Guang’s management team also came back to invest.