Chinese electric vehicle manufacturer WM Motor is seeking to list its shares on the sci-tech innovation board (the STAR Market) after the completion of its D-round of financing, Chinese media Caijing reported, citing a source with knowledge of the matter.
According to the source, the leading investment institution for WM Motor’s Series D financing has been determined. Currently, WM Motor is actively connecting with investment institutions, and its D round of financing is expected to be finalized in early September.
The company will start to apply for listing on the sci-tech innovation board at the end of September, and kick off trading in early 2021, the source disclosed to Caijing.
WM Motor declined to comment on the matter, Caijing reported.
Pandaily reported earlier, citing Chinese tech media 36Kr, that WM Motor has completed six rounds of financing, totaling 17 billion yuan. In October last year, the company received its C+ round financing of 3 billion yuan backed by Baidu Online.
Before WM Motor’s listing, leading domestic EV-making forces, NIO, LI Auto, and Xpeng Motors, have consecutively listed their shares on the US stock market. If the plan proceeds, WM Motor will become the first domestic EV firm listed on the STAR Market.