- Zhejiang’s state-led VC funds fuel ZXMoto’s expansion, highlighting the growing role of domestic investors in motorsports innovation.
- Company targets aggressive R&D and production goals for 2026 after historic wins in Portugal.
Zhejiang-based state-backed venture capital played a starring role in Chinese motorcycle manufacturer ZXMoto’s recent WorldSSP double victory at the World Superbike Championship in Portugal on March 29.
Riding its ZXMoto 820RR-RS bike, French motorcycle racer Valentin Debise crossed the finish line nearly four seconds ahead of European and Japanese rivals Ducati, Kawasaki, Yamaha in both races, breaking a long-standing foreign dominance.
The capital infusion came earlier in March, when Hangzhou Zhechuang Baige Venture Capital and Jinhua Zhechuang Jinyi Zhikong Venture Capital became shareholders in ZXMoto following a Series A round of financing.
Both funds are managed by Zhejiang Province Venture Capital Group, a state-owned private equity investment firm, with limited partners including the Zhejiang State-owned Assets Supervision and Administration Commission, Zheneng Power, Jiaxing State Assets Management, Hangzhou State Investment, and Juhua Group.
The Series A funding was led by Zhejiang Province Venture Capital Group, totaling 90 million yuan ($13 million), giving ZXMoto a post-money valuation of 1.09 billion yuan.
The funds are earmarked to support high-intensity research & development and integrated production expansion, enabling the company to boost its 2026 R&D budget to 135 million yuan and launch seven new models, aiming for annual sales of 60,000 units.
In 2025, ZXMoto generated 750 million yuan in output with R&D spending of 69.58 million yuan—9.33% of its revenue—while posting a 22.78 million yuan loss.
