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On October 18, Qianxun SI Network Co., Ltd. (Qianxun SI) announced the completion of its Series A financing, raising a total of 1 billion yuan. The company is valuated at over 13 billion yuan. SIG Asset Management Co., Ltd. (SIGAM), a subsidiary of Shanghai International Group (SIG), ICBC Financial Asset Investment Co., Ltd. (ICBC Investment) and China State-owned VC Fund Co., Ltd. led investment in this series of financing, followed by Shanghai Guohe Capital, Y.H. Capital, GP Pengyuan Fund and Kunying Capital.

Fu Fan, President of SIG, attended the "Qianxun SI Space-Time Intelligence Strategy & Series A Financing Launch Conference" and delivered a speech. SIG will work with China North Industries Group (NORINCO Group) and Alibaba Group (Alibaba) in capital operation, industrial collaboration and other fields, to boost the development of Qianxun SI; and will focus on industrial application more, to jointly promote the development of the BeiDou space-time industry and national space-time infrastructure construction.

Deng Weili, Chairman of SIGAM, signed the Strategic Cooperation Agreement on Space-Time Intelligence with the representatives of Qianxun SI, ICBC Investment and China Reform Holdings Corporation.

Initiated by NORINCO Group and Alibaba in 2015, Qianxun SI has started from scratch, built and operated the world's largest commercial service system-Satellite Navigation Ground Based Augmentation System, and independently developed full link technologies from base station receiver, large-scale space-time service platform, cloud and end algorithms, to MC, thereby creating rich terminal ecology and application ecology through the technologies, and energizing fields such as intelligent city, industrial upgrading, intelligent driving, mass consumption and public security. Now the company has over 390 million users worldwide. The compound annual growth rate of the company's revenues since 2017 exceeds 300 percent.