(Yicai Global) Dec. 22 -- WM Motor Technology Co. today has closed another funding round, in which Tencent Group and state-backed China Structural Reform Fund Co. (CSRF) participated, after closing a financing phase earlier this month, though the auto company did not relate how much it raised in either round.

 WM Motor raised more than CNY12 billion (USD1.8 billion) in a funding campaign Baidu Inc. led, it said Dec. 5. Formed in September last year and receiving CNY131 billion in its first-tranche funding, CSRF is the biggest private equity fund in China. Entrusted by the State-Owned Assets Supervision and Administration Commission, China Chengtong Holdings Group Co., a centrally-administered state-owned enterprise tasked with state-owned capital operation under a pilot program, led the creation of CSRF with support from another nine institutions. CSRF focuses on investing in central SOEs' industrial restructuring programs, seeking to improve their efficiency, facilitate restructuring and upgrade, innovate technologically, establish overseas operations and reorganize distressed assets.

 Tencent Holdings Ltd. [HK:0700], its affiliates and other associated companies are collectively referred to as Tencent Group. Minmetals Capital (Hong Kong) Co. and Sequoia Capital China also took part in WM Motor's latest funding.

 The company is an up-and-coming supplier of new energy vehicles and travel solutions in China. The NEV maker's first mass-produced product is a pure electric smart sport utility vehicle starting at CNY200,000. It has a maximum range of 600 kilometers and smart interactive functions. The firm will begin the car's mass production next year at its smart manufacturing facility in Wenzhou in China's southeastern economic hothouse of Zhejiang province.