On September eleventh, Kaixin Auto introduced that it has signed a non-binding letter of intent for acquisition with WM Motor Technology Group Company Limited (known as “WM Motor”). The plan is to challenge a sure quantity of new shares to accumulate 100% fairness held by its shareholders.
Kaixin Auto said: WM Motor, established on the finish of 2015, is a new vitality clever automobile firm with complete capabilities in design, analysis and growth ({hardware} and software program), provide chain administration, full automobile and battery pack manufacturing, on-line digital advertising and marketing, offline gross sales and service, automotive finance, and many others.
In the fields of automobile integration, powertrain techniques, clever cockpit, and autonomous driving, WM Motor has its personal core applied sciences. WM Motor has efficiently developed and delivered 4 fashions in bulk: E5, EX5, EX6, W6, and M7 is about to be delivered. It has already delivered over 100,000 good electrical passenger automobiles in roughly 200 cities in China with top-notch product high quality and consumer expertise.
Currently, WM Motor has two Industry 4.0 commonplace clever manufacturing bases: the Wenzhou manufacturing base and the Huanggang manufacturing base. WM Motor is the primary and consultant firm amongst new forces in automotive manufacturing that mixes each clever manufacturing bases and two {qualifications} for producing new vitality automobiles. It can also be the primary automotive firm amongst new forces in automotive manufacturing to attain full digitalization of your entire business chain.
WM Motor’s administration staff has intensive worldwide administration expertise. In 2023, they achieved vital breakthroughs in abroad growth and actively promoted diversified cooperation initiatives within the European Union, Middle East, ASEAN, North America, and different areas. Some fashions of WM Motor have additionally been the primary to acquire EU WVTA certification and SSTA certification (EX5 mannequin for WVTA, E5 mannequin for SSTA).
Kaixin Auto’s Chairman and CEO, Lin Mingjun, said: “The brand and product positioning of WM Motor’s fashionable technology align perfectly with Kaixin Auto’s development plans. Through this merger and collaboration, WM Motor will also have a larger capital platform to better promote the development and implementation of the smart mobility industry!”
SEE ALSO: WM Motor Expected to Complete Hong Kong IPO in Q2
It is value mentioning that, additionally on September eleventh, WM Motor posted on its official Weibo account stating that after cautious consideration, WM Motor voluntarily terminated the RTO course of with Apollo Group at The Stock Exchange of Hong Kong. Currently, WM Motor stays an vital shareholder of Apollo Group and will proceed to assist its growth sooner or later.
On September eighth, Apollo Group (00860.HK) introduced on The Stock Exchange of Hong Kong that every one events concerned have agreed to terminate the acquisition settlement with WM Motor. Therefore, the acquisition and placement is not going to proceed.
The announcement talked about the explanations for terminating the acquisition, together with international market volatility, continued uncertainty within the monetary markets, and short-term financial restoration. The announcement from Apollo Group implies that WM Motor, which was beforehand mired in a quagmire, has misplaced the chance to checklist on the Hong Kong Stock Exchange.
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