Li Auto chip unit Mahexin raises RMB 1.625B in first round

On October 16, 2026, Li Auto announced that its chip subsidiary, Shanghai Mahexin Technology Co., Ltd., had signed its first round of equity financing agreements, with total subscriptions of 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 combined. After the financing, Li Auto is expected to hold roughly 74.01% of Mahexin Technology, retaining a controlling stake.

The announcement also included a follow-on arrangement: Hangzhou Jingtao and its affiliated funds received a one-time additional subscription right, exercisable at the same price for up to RMB 500 million before December 31, 2026. If that right is fully exercised, Mahexin Technology's post-money valuation would reach RMB 17.1 billion.

The same report traced the background of Mahexin's in-house chip work. Li Auto began studying the feasibility of self-developed chips in 2021, formally launched the project in 2022, and assembled a dedicated team of about 200 people. Its Mahexin M100 chip entered mass production and vehicle deployment in May 2026, debuting in the new Li Auto L9 Livis. The chip uses a 5nm automotive-grade process, is based on a dynamic dataflow architecture, delivers 1,280 TOPS of single-chip compute, and carries 8-channel LPDDR5X memory with a peak bandwidth of 273GB/s. According to the report, Li Auto calls the Mahexin M100 the "world's first" — but the material cuts off at that point and does not give the full claim. The situation currently stands here: the financing agreements are signed, the additional subscription right has yet to be exercised, and the RMB 17.1 billion valuation is only a hypothetical outcome if that right is fully used.