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Li Auto's chip subsidiary Mahexin Technology completes first round of RMB 1.625 billion financing, with a maximum pos...
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On October 16, Li Auto announced that its chip subsidiary Shanghai Mahexin Technology Co., Ltd. signed a first-round equity financing agreement, with total subscriptions of 1.625 billion yuan. This round was led by Hangzhou Jingtao, BlueRun Ventures, and Huaye Tiancheng, with participation from MiraclePlus. Li Auto invested 1 billion yuan through a wholly owned subsidiary, while external investors invested a total of 625 million yuan. After the financing, Li Auto is expected to hold approximately 74.01%, maintaining control.
Hangzhou Jingtao and its affiliated funds received a one-time additional subscription right, allowing them to invest an additional amount of no more than 500 million yuan at the same price before December 31, 2026. If fully exercised, Mahexin Technology's post-investment valuation will reach 17.1 billion yuan. This shows capital's attention to its chip business.
Mahexin Technology carries Li Auto's self-developed chip business. Public reports show that Li Auto began evaluating the feasibility of self-developed chips in 2021, formally established the project in 2022, and formed a dedicated team of about 200 people. Its self-developed Mach M100 chip entered mass production and was installed in vehicles in May 2026, debuting in the all-new Li Auto L9 Livis model.
Technically, the Mach M100 uses a 5nm automotive-grade process, is based on a dynamic dataflow architecture, and achieves single-chip computing power of 1,280 TOPS. The chip is equipped with 8-channel LPDDR5X memory, with peak bandwidth of 273 GB/s. Shanghai Securities News reported that Li Auto calls it "the world's first mass-produced dynamic dataflow AI chip," with actual operating efficiency exceeding 82%.
At present, the Mach M100 has been mass-produced and delivered with the all-new Li Auto L9, L8, and other models. Li Auto thereby achieved full-link independent completion from chip architecture design to complete vehicle pre-installation delivery. This provides support for its core technology layout in intelligent electric vehicles.
With the first round of financing completed, Mahexin Technology has gained support from external capital, while Li Auto still maintains control. If the additional subscription right is exercised, its valuation will rise to 17.1 billion yuan. In the future, the progress of Mahexin Technology and Li Auto in the automotive-grade AI chip field will remain in focus.
