Xinlian Dongli has completed a Series C round of nearly RMB 2 billion, led by China Mobile’s industrial chain fund, with a group of industrial and financial investors participating.
The investor list includes Inspur Information, Yuanjing Capital, Sinopec’s hydrogen fund, NAURA Nuohua Capital, Jiangfeng Electronics, Changzhou Xingyu, Cathay Capital, Puchao Capital, CCB Equity, CITIC Jinshi, CITIC Securities and Galaxy Yuanhui.
With the round closed, the shareholder base spans telecoms, computing, power grids, new energy and automotive. The arrival of several AI infrastructure industrial investors is the significant part: the company is deepening its automotive silicon carbide business while formally elevating AI server power supplies to a strategic growth position.
What the company makes
Xinlian Dongli produces compound semiconductor devices and module packaging in silicon carbide and gallium nitride. Backed by controlling shareholder United Nova’s large-scale wafer manufacturing platform, it has reached volume production on 8-inch silicon carbide, which gives it a cost and price-performance advantage.
Its portfolio covers silicon carbide devices from 650V to 3300V, with 6.5kV and above still in development. In June the company began sampling a 3300V silicon carbide MOSFET customised for high-voltage applications such as solid-state transformers to core customers, and says the accompanying solution can cut system-level bill of materials by 20 to 35 per cent.
Ranking and design wins
According to Yole’s 2025 report, Xinlian Dongli ranks first in China and among the global top five in silicon carbide, with about 5 per cent of the world market. Its silicon carbide power module line could reach fourth globally in 2026.
On the automotive side the company won nearly 60 new design wins in the first half, and expects about 140 for the full year. Beyond cars, its silicon carbide devices already cover the full power range and application set in photovoltaic and energy storage.
The strategic logic is straightforward. Automotive silicon carbide is a volume business with brutal price pressure and long qualification cycles. AI server power is a smaller market today with far higher margins and a customer base that is buying whatever it can get, which is exactly the combination a device maker wants while its automotive lines mature.
Editor’s note: This is an adapted translation of the original Gasgoo report. It has been trimmed and restructured for readability for an international business audience. The full original (in Chinese) is at https://auto.gasgoo.com/news/202611/3I70476754C601.shtml.