Li Auto's Chip Subsidiary Mahexin Technology Completes 1.625 Billion Yuan External Equity Financing
nashnova research
Li Auto's chip platform Mahex Technology closed RMB 1.625 billion in external funding, alongside new employee incentive plans; the deal's core purpose is to let the market price the chip business on its own.
Where did the money come from — and how was it split?
Mahex Technology completed two equity transactions on October 16, 2026, raising a combined RMB 1.625 billion.
The controlling shareholder, Mahex Zhixin, contributed RMB 1 billion; external investors put in RMB 625 million.
The external round was led by Hangzhou Jingtao, Lanchi Ventures, and Huaye Tiancheng, with Miracle Plus participating.
This means → Li Auto put up most of the capital itself, but deliberately brought in outside money — not just for cash, but to get an external price tag on the chip business.
There's another tranche pending — what is the subscription right?
Mahex Technology also granted a subscription right — the right for an investor to buy additional equity at a pre-set price — capped at RMB 500 million.
The exercise deadline is December 31, 2026, at an implied price of RMB 23.35 per unit of registered capital.
In plain terms = if fully exercised, total external funding would reach RMB 2.125 billion, but this tranche has not yet landed.
Why are employee incentive plans tied to the fundraise?
After closing, Mahex Technology rolled out two incentive plans: one for employees, capped at 15% of post-expansion registered capital, and one for senior management, capped at 5%.
Both plans assume the Hangzhou Jingtao subscription right remains unexercised — this reflects the fact that the incentive pool's size depends on the final equity structure.
Li Auto's board said the plans aim to attract and retain core tech and engineering talent, aligning key personnel's interests with Mahex's long-term growth.
Why is Li Auto carving the chip business out?
Li Auto positions chips and domain controllers as the group's "second growth curve"; Mahex Technology is the dedicated platform for it.
The first benefit of independence: Mahex can pursue customers outside the auto sector, improving economies of scale.
The more important benefit: standalone funding lets the market value the chip business separately, rather than burying it inside the whole-vehicle valuation.
This means → Li Auto is following a "spin out first, get a price tag, potentially list later" playbook — but whether the market actually re-rates the chip business is the key test ahead.
After the carve-out, does the relationship with Li Auto change?
Li Auto stated explicitly that it will retain control of Mahex and continue to consolidate it.
The group and Mahex will keep sharing chip technology and autonomous-driving R&D resources, preserving strategic synergies.
In plain terms = the independence is structural, not operational — Li Auto wants the market to price the chips separately, without giving up the internal synergies.
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