Li Auto Chip Unit Mahexin Raises RMB 16.25B; Post-Money Valuation Up to RMB 17.1B

Mahexin Technology, Li Auto’s chip subsidiary, closed a RMB 16.25 billion first-round equity financing led by Hangzhou Jingtao, BlueRun Ventures and Huaye Tiancheng, with MiraclePlus participating, plus an option for up to RMB 5 billion more; full exercise would imply a RMB 17.1 billion post-money valuation. Li Auto retains a 74.01% controlling stake. Its in-house Mahe M100 is a 5nm automotive-grade dynamic dataflow AI chip (1,280 TOPS) already shipping in Li Auto production cars; proceeds will fund R&D and non-auto commercialization. See our earlier note on Li Auto’s chip-unit financing.