As first reported by DealStreetAsia, Quzhou-based TopOlefin Technology has raked in 1 billion yuan ($139m) in a Series B round led by local PE investment firms Kingray Capital and Raystone Capital, according to a company announcement.
The round saw the participation of existing shareholder, Shanghai-listed industrial modules maker Jiangsu Libert, as well as an investment vehicle under the state-owned China National Chemical Corporation (ChemChina).
TopOlefin specialises in the production of optical resin materials applicable in a wide range of industries including life science, new energy, and automotives. Currently, around 100% of such materials depend on imports from Japanese corporations; however, about 70% of the global demand for optical resin materials comes from China.
The second construction phase of the firm’s production facility will be financed via the proceeds of the latest round. The second phase will see the capacity of the production facility increase to 100,000 tonnes per year, from the current 50,000 tonnes per year.
“The investment will help us to expand our production capacity and develop new products,” said Zhang Jun, CEO of TopOlefin. “We are also planning to build a research and development centre in the future.”
“We are impressed by TopOlefin’s technology and its team,” said a representative of Kingray Capital. “We believe that the company has the potential to become a leading player in the optical resin market.”
The investment in TopOlefin is a sign of the growing interest in the optical resin market. The optical resin market is a large and growing market, and there is a growing demand for optical resin materials that can be used in a variety of industries. TopOlefin is well-positioned to capitalize on this demand, and the investment from Kingray Capital and Raystone Capital will help the company to achieve its growth goals.
