Chinese electric vehicle maker WM Motor has completed a 10 billion yuan D round of financing.
According to 36Kr, Shanghai State-owned Investment Platform and SAIC Motor jointly led the investment while Baidu and SIG China continued to participate in this round of financing.
Other state-owned industrial investors include Hubei Yangtze River Industry Fund, Suzhou Kunshan Industrial Fund, Hunan Hengyang State-owned Investment Platform, and SDIC Chuangyi Industry Fund.
In addition, several investment institutions including SINO IC LEASING, Tsinghua Unigroup, Hongta Tobacco Group, Agile, and Yingke also participated.
The raised funds will be mainly used for smart technology research and development, brand building, digital marketing and channel expansion.
This round of financing is also WM Motor’s Pre-IPO financing. After pre-IPO and IPO, WM Motor may raise more than 10 billion yuan, 36Kr reported.
WM Motor has initiated a shareholding system change in preparation for listing on the Science and Technology Innovation Board, 36Kr reported, citing a source familiar with the matter. With the completion of the D round of financing, WM Motor will publicly submit materials in October, with China Securities as the listing counseling agency.
According to Chinese media Bkeconomy, up to now, WM Motor has a diversified investor matrix, including domestic and foreign investors such as industrial investors, Internet giants, and top VC/PE venture capital funds.
On Sept. 9, WM Motor announced that it has reached an intelligent alliance with Qualcomm, Baidu, Tsinghua Unigroup, and SINO IC LEASING to promote the application of intelligent vehicles.
Shen Hui, founder and CEO of WM Motor, said that in the next 3-5 years, WM Motor will gather 3,000 top engineers from around the world to quickly apply forward-looking technology to mass-produced products and services at mainstream prices.
He added that the company aims to manufacture “EC (Everything Connected) travel smart terminals” that are more in line with the preferences of Chinese users and the actual road conditions in China, have the capability to form a smart technology ecosystem integrating “people-vehicle-environment” and provide users with a safer, more efficient, and a more convenient and new way of smart travel.