Signed! Weilai China has invested 7 billion yuan

On the afternoon of April 29, Weilai signed a final agreement with strategic investors such as Hefei Construction Investment Holding (Group) Co., Ltd., SDIC Investment Management Co., Ltd. and Anhui high tech Industry Investment Co., Ltd. on investment in Weilai China, and reached an agreement with Hefei Economic and Technological Development Zone on the settlement of its headquarters in China.
According to the investment agreement, strategic investors will invest 7 billion yuan in Weilai China. Weilai will inject the core business and related assets in China, including vehicle R & D, supply chain and manufacturing, sales and service, energy services and other core businesses and related assets into Weilai (Anhui) Holding Co., Ltd., the legal entity of Weilai China. The above businesses and assets are valued at RMB 17.77 billion according to 85% of the average market value of Weilai on 30 public trading days before April 21, 2020. In addition, Weilai will invest 4.26 billion yuan in China. After the completion of the transaction, Weilai will hold 75.9% of the controlling shares of Weilai China, and strategic investors will hold 24.1% of the total shares.
It is worth mentioning that according to the agreement signed between Weilai and Hefei Economic and Technological Development Zone, Weilai will set up China headquarters in Hefei Economic and Technological Development Zone, establish an integrated base for headquarters management, R & D, sales service and supply chain manufacturing, and timely launch the planning and construction of the second manufacturing base. Hefei will also give full support to the establishment of the headquarters in China and the subsequent construction of R & D and manufacturing bases.
Weilai said that the acquisition of the strategic investment and the settlement of its China headquarters in Hefei are another important milestone in the development of Weilai. Wela will have more funds to support business development, so as to ensure the continuous launch of leading intelligent electric vehicle products and technologies, and provide users with service experience beyond expectations.
At the same time, the settlement of China headquarters of Weilai in Hefei will help Hefei to form a global innovation leading capacity in the field of intelligent electric vehicles, create a new growth pole for economic and social development, inject new impetus into the higher quality integrated development of the Yangtze River Delta region, and become a model for improving the quality, efficiency, transformation and upgrading of China’s automobile industry.