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| Monday, 7 August 2017, 09:09 HKT/SGT | |
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HONG KONG, Aug 7, 2017 - (ACN Newswire) - The board of directors of China Harmony New Energy Auto Holding Limited ("Harmony Auto" or the "Company", HKE:3836) is pleased to announce that FMC Cayman ("FMC"), of which the Company indirectly owns 33.33% equity interests, had entered into a capital increase agreement and a supplemental agreement (the "Investment Agreements") with an investment fund (the "Investment Fund") formed by several investors in relations to FMC's latest round of financing. According to the Investment Agreements, the Investment Fund has agreed to invest US$ 200 million in FMC to subscribe FMC's equity interests. Based on valuation of FMC's this round financing, equity interests in FMC owned by Harmony Auto represents significant premium to our investment cost. The Company estimates that FMC would bring no less than RMB 600 million of investment gain to the company for the year of 2017.
Nanjing Development Zone Will be Put into Production in 2019
FMC is a global smart electric cars company, aiming to build premium smart electric cars in China and shape the future for automobiles globally, in order to provide enjoyable time for people on the move. FMC has established offices in Nanjing, Beijing, Hong Kong, Munich and Silicon Valley, etc. In January of 2017, FMC had signed an agreement with Nanjing Development Zone to build a premium smart electric vehicle research & development and production base in Nanjing Development Zone, with a planned total annual production capacity of 300,000 units of smart electric cars, covering models such as SUV, sedan and MPV. The first phase of the base will commence building in 2017 and be put into production in 2019, with an annual production capacity of 150,000 units of smart electric cars. Meanwhile, FMC plans to launch show car for volume production in the fourth quarter of 2017, put into production in 2019 and seeks for IPO on an stock exchange.
Continuing Investment Gain Receivable in the Long-term
The Investment Fund which invests in FMC is formed by famous investment management companies and large groups. The parties to the Investment Agreements have confirmed that the pre-money and post-money valuations of FMC is US$ 550 million and US$ 750 million, respectively. The Company believes that it will record continuing investment gain due to FMC's business development, follow-on financings and IPO in the future. The Company will continuously announce the latest developments of FMC to our shareholders and potential investors.
About China Harmony New Energy Auto Holding Limited
China Harmony New Energy Auto Holding Limited ("Harmony Auto" or the "Company", stock code: 3836.HK) is a leading vehicle dealership group and comprehensive after-sales service group in China that deals exclusively in luxury and ultra-luxury passenger vehicles, with proactive developments in new energy automobile business. Dealership outlets of the Group distribute luxury and ultra-luxury brands including BMW, MINI, Lexus, Jaguar, Land Rover, Volvo, ZINORO, Rolls- Royce, Aston Martin, Ferrari, Maserati and etc., making the Group a leading exclusive luxury and ultra-luxury dealership group in China in terms of number of brands covered. The Group's independent comprehensive after-sales services outlets are operated under the brands of "Harmony Auto Maintenance" and "Harmony Auto Fast Repair", offering aftersales services for mainstream luxury and ultra-luxury automobile brands, and operating one of the largest comprehensive after-sales service networks in China. The company is collaborating with global leading strategic partners to actively develop internet smart electric cars. The Company has introduced world-class entrepreneurial partnership teams, and committed to develop leading internet smart electric cars popular in China and abroad.
Topic: Press release summary
Sectors: Automotive, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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