Phoenix Tree Capital Partners led a $113m investment round in Zhejiang Zhongning Silicon Industry.

Phoenix Tree Capital Partners, a private investment firm, led a $113m investment round in Zhejiang Zhongning Silicon Industry, a maker of silane gas and electronic-grade polysilicon, with participation from Capital Operation, Hengxu Capital and China Cinda Asset Management. The proceeds will help the Quzhou-headquartered firm to expand its production capacity as well as accelerate its product iteration.