Lehman Brothers and Chang'an Capital invested US$30.70M into Zhejiang Chaowei Power days ago. In this deal, Lehman Brothers took the lead; Chang'an Capital participated in this round with less than US$10M.

Zhifeng Liu, Founding Partner of Chang'an Capital said they staked in Chaowei Power for China's upgrading dynamic power consumption market. They probably will invest more in the investee company.

Chaowei Power, established in 1998, is a producer of storage cells. Its lead products include electric vehicles and railway motorcycles. Prior to the investment, it can manufacture 13 million sets of cells per annum, the runner-up in this sector.

Chang'an Capital is one of the first batch local PE firms adopted limited partnership model. Its management team accumulated 10-year experience in this sector. They invested in and exited from Longping Hi-tech (000998), Jonjee Hi-tech (600872), Western Cement, and Teva Pharmaceutical.