Chinese electric carmaker Weltmeister Motor to prepare for IPO
Sep 17, 2019 (China Knowledge) - Chinese electric carmaker Weltmeister Motor (WM) has replaced its major shareholder with Suzhou WM Smart Travel Technology in hope that the city will provide a favorable condition for an initial public offering. Currently, Suzhou WM Smart Travel Technology holds 100% of its shares.
WM is seeking financing from global investors, with a target of up to USD 1 bln. The fund is targeting overseas investors, and will be used for technological research and development, brand promotion, improve customer’s experience and expanding sales channel.
Currently, WM is facing a lawsuit initiated by Geely Auto (00175), which accuses WM of violating Geely’s trade secrets and demands compensation of RMB 2.1 bln. Rumors have spread that insider revealed WM is confident of winning the lawsuit as the accusation of infringement is groundless.
Founded in 2015, WM is one of the new forces of car making in China. Its first mass production of WM EX5 model entered delivery phase last year.
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