Shulou(Shulou.com)11/24 Report--

CTOnews.com February 13 news, Geely Holdings Group's high-end smart electric brand polar krypton announced the completion of a round of financing of $750 million, with a post-investment valuation of $13 billion.

It is reported that this round of financing by Mobileye founder and CEO Amnon Shashua, Ningde era, Yuexiu Industrial Fund, Trade Fund, Quzhou Xinan Intelligence Fund, etc., the funds raised will be mainly used for polar krypton product and technology research and development, global business development and user experience enhancement.

In addition, Geely announced on the Hong Kong Stock Exchange this morning that on February 12, 2023, Polar Krypton entered into a share purchase agreement with five investors, issuing and allocating a total of 139375669 Series A preferred shares to investors for a total consideration of US $750 million (equivalent to about RMB 5.0913 billion). The investors are Mobileye Global Inc. Founder Amnon Shashua, Ningde Times, Yuexiu Industrial Fund, Trading Fund, Principal Intelligence Fund. Immediately after delivery, the Group's stake in polar krypton will be approximately 54.73% (on a converted basis) and about 51.33% (on a fully diluted and converted basis). Polar Krypton will remain the company's indirect non-wholly owned subsidiaries and their financial results will continue to be incorporated into the Group's consolidated financial statements.

CTOnews.com noted that the announcement said that the share purchase would benefit the company and Polar Krypton because raising additional funds to finance its potential future growth and expansion opportunities as well as its working capital needs would benefit the company as the parent company of Polar Krypton. Through the introduction of widely recognized market leading investors in their respective industries, share purchases will enhance the market image of polar krypton, which in turn will boost the future prospects of polar krypton. The move marks an important step in building an integrated ecosystem for the interests of all participants and opens the door to more strategic cooperation between Polar Krypton and its partners. In addition, investors' investments provide opportunities for polar krypton to raise funds while broadening its investor base to expand and develop its business in the fast-growing electric vehicle industry. The Group will appropriately continue to seek investment from other investors to develop its polar krypton business.

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