Automotive Sep 01, 2020 09:31 AM (GMT+8) · EqualOcean
According to Chinese App Tianyancha, a number of industrial and commercial changes occurred in the affiliated company of WM Motor recently. The company changed its name and type from a limited liability company (sino-foreign joint venture) to a company limited by shares (invested by Hong Kong, Macao and Taiwan). The registered capital increased from about CNY 165 million to about CNY 495 million, an increase of 200%. In addition, Li Xinzhe, Fan Zhiye and Patrik Peng Zhou withdrew from the ranks of the company's directors, to be replaced by He Junjie and Luo Jun. It is worth mentioning that WM Motor is still actively connecting with investment institutions, and its D round of financing is expected to be finalized in early September. Shen Hui, the founder of the firm believes that, although the financing progress has not been completed as scheduled, his firm will develop into the first EV-maker with a positive gross profit margin. He added, "Objectively speaking, the financing environment of the entire capital market this year is much worse than we thought. But our advantage is relatively stable cash flow management. Even if WM Motor does not receive a penny, it can still operate steadily for many years."
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