China Construction Bank, Bank Of China Asset Management, Hainan Zhongying Equity Investment Fund, Changshu Jingkai Guofa, and Guokai, led a $145m funding round in Hengtong Submarine Power Cable, a provider of ocean engineering cables and accessories, submarine optical-fiber cables. Currently, there are a number of industry and institutional investors interested in joining the round. However, the total investment proceeds for the round will not exceed CNY3bn ($424m). Submarine cables have emerged to be another battleground for US-China rivalry.