> ## Content Index > Fetch the complete content index at: https://newsletters.qs.com/llms.txt > Use this file to discover other available public pages before exploring further. # ⚑ China Renewable Energy Down 31%. $615M+ VC Funding. - URL: https://newsletters.qs.com/china-renewable-energy-down-31-615m-vc-funding/ - Published: 2024-06-04T11:15:43.000Z - Updated: 2024-06-21T12:47:41.000Z - Description: Impact Capital Markets #107 looks at our China Renewable Energy Stock Index, major impact deals, M&A, and upcoming economic releases. - Author: QS - Tags: Deals [**Marhaba**](https://en.wikipedia.org/wiki/Arabic?ref=newsletters.qs.com) πŸͺ πŸ“ˆ **Today's Global Economic Update:** Annual inflation in the Euro Area [increased to 2.6% in May 2024](https://ec.europa.eu/eurostat/databrowser/bookmark/4ad27e6f-358a-4a3d-82a0-587d69a833eb?lang=en&ref=newsletters.qs.com), surpassing forecasts, with energy prices rebounding and services rising faster. Inflation exceeded expectations in Germany, France, Spain, and Italy, indicating persistent inflationary pressures. πŸ’Š **Deal of the Day:** Summit Therapeutics, aFlorida-based biopharmaceutical company, raised [$200M](https://www.finsmes.com/2024/06/summit-therapeutics-raises-200m-in-funding.html?ref=newsletters.qs.com) to advance clinical development of ivonescimab, a cancer-fighting antibody medication. **What's New?** **⚑ China Renewable Energy:** China renewable energy declines 31% **πŸ’° Funding.** Biopharmaceutical, EV charging, ed-tech + more πŸ’Ό **M&A.** Pharmaceuticals and medical technology πŸ“… **Economics.** US employment data, Euro Area Interest rate + more ## **⚑** China Renewable Energy Declines 31% [![](https://storage.ghost.io/c/f1/d4/f1d411df-6f49-4c75-a302-f8c9e9f59495/content/images/2024/06/HolonIQ_HolonIQ_China_Renewable_Energy_Stock_Index_HIQCRNEW_HCHRCGYJT9ECDR4WSIZR--1-.png)](https://index.holoniq.com/charts/HCHRCGYJT9ECDR4WSIZR/HolonIQ-China-Renewable-Energy-Stock-Index-%28HIQCRNEW%29?ref=newsletters.qs.com) China stands as the global leader in renewable energy investment and installations, yet the sector now faces significant hurdles, evidenced by a 31% decline in the index over the past year. While China broke records in solar and wind energy installations in 2023, heavy reliance on coal, accounting for 70% of electricity, limits full renewable capacity utilization. Geopolitical tensions and droughts intensify security concerns, heightening coal reliance, while slow hydropower generation due to droughts needs an energy mix reassessment. The rapid expansion of Longi and other Chinese firms has led to oversupply, precipitating a crash in solar prices and profit margins. LONGi Green Energy Technology ($19B MCap) shares dropped 36% LTM due to supply and price concerns, impacting its growth trajectory. Layoffs at Longi signal a global shift in solar manufacturing, potentially challenging China's dominance. Subsequently, earnings results have declined, prompting analysts to revise their outlooks and resulting in negative market reactions. Jinko Solar Co ($1.5B MCap) saw a 34% decline in stock price over the past year, mirroring broader industry challenges. Despite these obstacles, solar manufacturers like Jinko Solar maintain optimism regarding global demand growth, anticipating a 20% rise in demand this year. ## **πŸ’°** Funding πŸ’Š **Summit Therapeutics,** aFlorida-based biopharmaceutical company, raised [$200M](https://www.finsmes.com/2024/06/summit-therapeutics-raises-200m-in-funding.html?ref=newsletters.qs.com) to advance clinical development of ivonescimab, a cancer-fighting antibody medication. βš—οΈ **BioBTX,** aDutch chemical manufacturer, raised [$86.8M](https://siliconcanals.com/crowdfunding/biobtx-bags-over-80m/?ref=newsletters.qs.com) to launch the first commercial renewable aromatics plant. 🌑️ **Frore Systems,** aCalifornia-based thermal technology company, raised a [$80M Series C](https://www.finsmes.com/2024/06/frore-systems-raises-80m-in-series-c-funding.html?ref=newsletters.qs.com) from Fidelity Management & Research Company to scale its operations. πŸ”Œ **Energy Park,** aUK-based EV charging solutions company, raised a [$44.6M Series A](https://www.businessgreen.com/news/4267386/energy-park-secures-gbp35m-investment-fuel-ev-charging-solutions-residential-schemes?ref=newsletters.qs.com) from Zouk Capital to accelerate residential charging facilities across the UK. πŸ’Ό **Ashby,** aCalifornia-based recruiting platform, raised a [$30M Series C ](https://www.finsmes.com/2024/06/ashby-raises-30m-in-series-c.html?ref=newsletters.qs.com)from Lachy Groom for product development. ⚑ **Gireve,** aFrench EV charging provider, raised [$21.7M](https://www.finsmes.com/2024/06/gireve-raises-e20m-in-funding.html?ref=newsletters.qs.com) from Partech to expand business in Europe and globally. πŸ“š **Bcas,** aSpanish ed-tech platform, raised [$18.4M](https://tech.eu/2024/06/03/bcas-closes-17m-round/?ref=newsletters.qs.com) from MyInvestor and Actyus to speed up its international growth. 🏒 **Workbox,** anIllinois-based national workspace operator, raised a [$17.5M Series A](https://www.finsmes.com/2024/06/workbox-raises-17-5m-in-funding.html?ref=newsletters.qs.com) from Chicago Atlantic to accelerate its expansion across the USA. 🌾 **Iyris,** aSaudi Arabian Agri-climate company, raised a [$16M Series A](https://www.finsmes.com/2024/06/iyris-raises-16m-in-series-a-funding.html?ref=newsletters.qs.com) from the Ecosystem Integrity Fund to increase its sales and deliver international orders. ## **πŸ’Ό** M&A πŸ’Š **Formosa Laboratories**, a Taiwanese pharmaceutical company, [acquired ](https://www.prnewswire.com/news-releases/formosa-laboratories-completes-the-acquisition-of-synchem-to-expand-north-american-cdmo-footprint-302160495.html?ref=newsletters.qs.com)Synchem, an Illinois-based biopharmaceutical company. πŸ₯ **Stryker**, a medical technology company, [acquired](https://www.businesswire.com/news/home/20240603087336/en/Stryker-Announces-Definitive-Agreement-to-Acquire-Artelon-Inc.-Offering-a-Range-of-Soft-Tissue-Fixation-Solutions-for-Orthopaedic-Surgeons?ref=newsletters.qs.com) Artelon, a Georgia-based medical equipment supplier. ## **πŸ“…** Economic Calendar US Employment Data, Euro Area Interest Rate, Balance of Trade + More ### Tuesday, June 4th 2024 πŸ‡ΊπŸ‡Έ [US JOLTs Job Openings, April](https://www.bls.gov/?ref=newsletters.qs.com) πŸ‡¦πŸ‡Ί [Australia GDP Growth Data, Q1](https://www.abs.gov.au/?ref=newsletters.qs.com) ### Wednesday, June 5th 2024 πŸ‡¨πŸ‡¦ [Canada BoC Interest Rate Decision](https://www.bankofcanada.ca/?ref=newsletters.qs.com) πŸ‡ΊπŸ‡Έ [US ISM Services PMI, May](https://www.ismworld.org/?ref=newsletters.qs.com) πŸ‡¦πŸ‡Ί [Australia Balance of Trade Data, April](https://www.abs.gov.au/?ref=newsletters.qs.com) ### Thursday, June 6th 2024 πŸ‡ͺπŸ‡¦ [Euro Area Deposit Facility Data](https://www.ecb.europa.eu/home/html/index.en.html?ref=newsletters.qs.com) πŸ‡ͺπŸ‡¦ [Euro Area ECB Interest Rate Decision](https://www.ecb.europa.eu/home/html/index.en.html?ref=newsletters.qs.com) πŸ‡ͺπŸ‡¦ [Euro Area ECB Press Conference](https://www.ecb.europa.eu/home/html/index.en.html?ref=newsletters.qs.com) πŸ‡¨πŸ‡¦ [Canada Ivey PMI s.a, May](https://www.statcan.gc.ca/?ref=newsletters.qs.com) πŸ‡¨πŸ‡³ [China Balance of Trade Data, May](http://www.customs.gov.cn/?ref=newsletters.qs.com) ### Friday, June 7th 2024 πŸ‡©πŸ‡ͺ [Germany Balance of Trade Data, April](https://www.destatis.de/DE/Home/%5Finhalt.html?ref=newsletters.qs.com) πŸ‡¨πŸ‡¦ [Canada Balance of Trade Data, April](https://www.statcan.gc.ca/?ref=newsletters.qs.com) πŸ‡¨πŸ‡¦ [Canada Employment Data, May](https://www.statcan.gc.ca/?ref=newsletters.qs.com) πŸ‡ΊπŸ‡Έ [US Employment Data, May](https://www.bls.gov/?ref=newsletters.qs.com) ### Monday, June 10th 2024 πŸ‡¦πŸ‡Ί [NAB Business Confidence, May](https://business.nab.com.au/?ref=newsletters.qs.com) ### Tuesday, June 11th 2024 πŸ‡¬πŸ‡§ [UK Employment Data, April ](https://www.ons.gov.uk/?ref=newsletters.qs.com) πŸ‡¨πŸ‡³ [China Inflation Data, May](http://www.stats.gov.cn/?ref=newsletters.qs.com) ### Wednesday, June 12th 2024 πŸ‡¬πŸ‡§ [UK GDP, April](https://www.ons.gov.uk/?ref=newsletters.qs.com) πŸ‡ΊπŸ‡Έ [US Core Inflation Data, May](https://www.bls.gov/?ref=newsletters.qs.com) πŸ‡ΊπŸ‡Έ [US Inflation Data, May](https://www.bls.gov/?ref=newsletters.qs.com) πŸ‡ΊπŸ‡Έ [US Fed Interest Rate Decision](https://www.federalreserve.gov/) πŸ‡ΊπŸ‡Έ [US FOMC Economic Projections](https://www.federalreserve.gov/) πŸ‡ΊπŸ‡Έ [US Fed Press Conference ](https://www.federalreserve.gov/) ### Thursday, June 13th 2024 πŸ‡ΊπŸ‡Έ [US PPI, May](https://www.bls.gov/?ref=newsletters.qs.com) ### Friday, June 14th 2024 πŸ‡―πŸ‡΅ [Japan BoJ Interest Rate Decision](https://www.boj.or.jp/?ref=newsletters.qs.com) πŸ‡ΊπŸ‡Έ [Michigan Consumer Sentiment (Preliminary), June](http://www.sca.isr.umich.edu/?ref=newsletters.qs.com) --- **Like getting this newsletter?* For unlimited access to more deals and economic updates,* [*request a demo*](https://webforms.pipedrive.com/f/1uMbIPRqUeVuZ31jVtKWMWIuqU2ga1nKo8aotNdGihU16zgOzuTfRMb9XfIIGmcOT?ref=newsletters.qs.com)*.* --- **Thank you for reading. 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