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

CTOnews.com Sept. 11, CTOnews.com learned from Kaixin Motor official account that Kaixin Motor today officially announced that it has signed a non-binding letter of intent with WM Motor Holdings Limited ("Weima Automobile" and "WM Motor") and plans to issue a certain number of new shares to acquire the 100% equity held by its shareholders.

According to Kaixin Automobile, founded at the end of 2015, Weima Automobile is a fully capable new energy intelligent vehicle enterprise in design, research and development (hardware and software), supply chain management, vehicle and battery pack manufacturing, online digital marketing, offline sales and service, auto finance and so on. It has its own core technology in the fields of vehicle integration, three-electricity system, intelligent cockpit, self-driving and so on. Weimar has successfully developed and delivered four models: E5, EX5, EX6, W6 and M7. More than 100000 smart pure electric passenger cars have been delivered in about 200 cities in China. At present, Weima has two industrial 4.0 standard intelligent manufacturing bases: Wenzhou production base and Huanggang production base. Weima Automobile is the first and rare representative enterprise with both intelligent manufacturing base and two new energy vehicle production qualifications for a long time, and it is the first car company to realize the digitalization of the whole industry chain among the new forces.

Lin Mingjun, chairman and CEO of Kaixin Motor, said: "the brand and product positioning of Weima Automotive Fashion Technology are very consistent with the development plan of Happy Automobile. Through this merger and acquisition cooperation, Weima Motor will also have a larger capital stage to better promote the development and landing of the intelligent travel industry!"

According to public data, Happy Automobile belongs to Happy Automobile Holdings. Entered the retail of second-hand cars in 2017. Listed on NASDAQ in 2019. Acquire 100% stake in Haitao car in 2020. Main business: used car retail, used car trading services, new energy vehicles.

On September 10, Weimar said that Weimar voluntarily terminated the RTO process with Apollo on the Hong Kong Stock Exchange. At present, Weimar is still an important shareholder of Apollo, and will continue to support the development of Apollo in the future. On September 8, Apollo issued a notice on the Hong Kong Stock Exchange that the parties concerned had agreed to terminate the Weimar agreement, so the acquisition and placement would not take place. The reasons for the termination of the acquisition mentioned in the announcement include volatile global market conditions, continued uncertainty in financial markets and short-term economic recovery. Since then, Weimar's efforts to list shares in Hong Kong have failed.

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