On September 11,Singapore Chinese luxury used car retail platform Kaixin Auto announced that it has signed a non-binding letter of intent with automaker WM Motor, with plans to acquire 100% of WM Motor’s equity held by its current shareholders. Lin Mingjun, Chairman and CEO of Kaixin Auto, said “WM Motor’s brand positioning aligns well with Kaixin Auto’s development plans. Through this acquisition, WM Motor will have stronger financial support to better promote its intelligent vehicle development.” Kaixin Auto entered the used car retail market in 2017 and went public on the Nasdaq in 2019. On September 10, Chinese electric vehicle manufacturer WM Motor announced the voluntary termination of its RTO (Reverse Takeover) process with Apollo Future Mobility Group (AFMG) on the Hong Kong Stock Exchanges and Clearing, meaning that WM Motor’s plan to go public through a back-door listing fell through. [Kaixin Auto statement, in Chinese]
