Zhang Ran, partner and CFO of WM Motor, revealed in an interview on October 15 that the company has successfully completed a D1 round of financing this month and will look towards listing overseas in the future. However, the specific schedule and other details for such a move have not yet been disclosed.
“The overseas listing has a relatively clear timeline, strong certainty, and is also a more satisfactory choice for our shareholders,” Zhang added.
WM Motor was established in 2015. The WM EX5 model, the company’s first intelligent pure electric SUV, was mass-produced and delivered in September 2018. At present, its sales volume exceeds 50,000 units. The WM W6, a L4-level autonomous driving model, was officially launched in April this year, and as of July, its total order volume had exceeded 10,000 units.
WM Motor started the listing process for Shanghai’s STAR Market in September 2020 and completed pre-listing work in January, before reports in April that the firm had postponed the IPO.
The EV maker has just completed a D1 round of financing led by PCCW Limited and Shun Tak Holdings Limited. The fresh funds will be used for the development of autonomous driving and other smart technologies and products, as well as the expansion of its sales and service channels for users. The two investment firms are owned by Hong Kong billionaire Li Ka-shing and gambling king Ho Hungsan, so it has been speculated that WM Motor would be listed in Hong Kong.
In preparation for listing, WM Motor is accelerating its vehicle sales. The company sold 5,005 vehicles in September, up 115.8% year-on-year. In the third quarter, the sales volume was 13,000 units, up 137.5% year-on-year, reaching a record high in single-quarter sales.