Just a few years ago, billion-level funding would be beyond the imagination of Chinese cloud computing companies. But now it is becoming more and more tangible as the market matures.

QingCloud, a leading player in the field, is announcing the largest ever funding in the industry so far. The cloud computing platform made it public that they have secured D round funding worth RMB 1.08 billion (around US$ 158 million). The current round adds to a US$ 2 million series A in 2012, a USD 20 million Series B in 2013 and USD 100 million in 2016.  The company confirmed with TechNode that it has IPO plans, but declined to offer more details. The firm reportedly is removing their VIE structure to prepare for a local listing.

The massive round is from a consortium of investors, including China Merchants Securities International and China Merchants Zhiyuan Capital Investment (two wholly-owned subsidiaries of China’s top security trading and brokerage firm, China Merchants Securities), Riverhead Capital Investment Management, CICC Jiatai Fund and China Oceanwide Holdings Group. Existing investors of Lightspeed China Partners and Bluerun Ventures also participated.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.