WM Motor Expected to Complete Hong Kong IPO in Q2

Apollo Future Mobility, a Hong Kong-listed firm, introduced on January 12 that it could purchase a subsidiary of Chinese automaker WM Motor for $2.02 billion. After this transfer, WM Motor will maintain 31.1 billion of Apollo’s shares, accounting for 68.26% general. This is a powerful indication of WM Motor’s plan to perform a public itemizing by a reverse takeover.

According to a report by Cailian Press, the follow-up course of is especially for Apollo to do its finest to perform due diligence. Considering that WM Motor submitted its A1 prospectus on May 31, 2022 and replied to a number of rounds of questions from the Hong Kong Stock Exchange (HKEx), the due diligence is anticipated to be accomplished inside two to three months. Optimistically, WM Motor has an ideal likelihood of finishing a list in the second quarter of this 12 months.

WM Motor lately obtained three rounds of funding, together with HK$250 million ($32.0 million) from a well known business financial institution, 500 million yuan ($74.0 million) from Amer International Group, a Fortune 500 firm, and HK$1.5 billion ($192.0 million) from Agile Group.

Amer International Group is the biggest copper mining enterprise in China. Cooperation with Amer implies that each events will make strategic progress in the mixing of commercial chains. In addition, their collaborative venture is anticipated to land in Chengdu, Sichuan Province. Agile Group was the biggest investor of WM Motor in the round-D financing, and it’s at the moment the agency’s largest shareholder other than the administration crew.

According to folks shut to WM Motor, it’s anticipated to full fairness financing totaling a minimal of $500 million on the itemizing date.

Apollo is engaged in batteries, 3D printing, design, and different companies, whereas WM Motor’s benefits embody manufacturing qualification, manufacturing capability, clever platform, channels, manufacturers and so forth.

Apollo has not constructed any manufacturing base in China up to now, and it has not launched any EV. With this strategic merger with WM Motor, it’ll deepen the clever pure electrical car market by WM Motor’s two totally certified manufacturing bases, an annual manufacturing capability of 250,000 models and greater than 100,000 clever automobiles delivered to patrons.

After the strategic merger, WM Motor will enhance its product matrix to launch Apollo sports activities automotive priced at $2 million and sensible EVs priced at 600,000 yuan to 800,000 yuan.

SEE ALSO: $19M in Assets of WM Motor’s Shanghai Sales Subsidiary Get Frozen

Before 2020, WM Motor might compete with XPeng and NIO. Since then, with the itemizing of Li Auto and a reshuffle in the automaking business, WM Motor has fallen behind.

Freeman Shen, the founder and CEO of WM Motor, as soon as commented, “The new energy vehicle track is a long-term battle. To make a metaphor, it is like playing football. It is not known who wins or loses. What I want to say is that our team has a great advantage, that is, we have rich experience in fuel-based vehicles.” In order to survive, on the finish of November, 2022, WM Motor took the initiative to optimize its organizational construction, together with by layoffs and wage reductions.

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