Li Auto chip unit Mahexin raises RMB 1.625B, valuation up to RMB 17.1B
Li Auto said on Oct 16 that its chip subsidiary Shanghai Mahexin Technology has signed a first-round equity financing agreement with subscriptions totaling RMB 1.625 billion. The round was led by Hangzhou Jingtao, BlueRun Ventures and Huaye Tiancheng, with MiraclePlus participating; Li Auto contributed RMB 1 billion through a wholly owned subsidiary while external investors put in RMB 625 million. Hangzhou Jingtao and its affiliated funds hold a one-time additional subscription right to invest up to RMB 500 million more at the same price before Dec 31, 2026, which if fully exercised would put Mahexin's post-money valuation at RMB 17.1 billion; after the deal Li Auto expects to hold about 74.01% and keep control. The report notes Li Auto's in-house Mach M100 chip entered mass production in vehicles in May 2026, debuting in the new Li L9 Livis, using a 5nm automotive-grade process and a dynamic data flow architecture with 1,280 TOPS per chip, 8-channel LPDDR5X memory and 273GB/s peak bandwidth; Li Auto claims it is the world's first mass-produced dynamic data flow AI chip, with actual operating efficiency above 82%.
It shows automakers are funding in-house automotive AI silicon through standalone rounds, making chip capability an asset that can be valued and financed separately from the car business.