Author: Deal Street Asia Online News

China Evergrande to push ahead with sale of HK land after receiver appointment

China Evergrande Group will continue with efforts to sell a plot of undeveloped land in Hong Kong even after the appointment of a receiver by a creditor, a person with direct knowledge of the matter said. The appointment of a receiver will also not have any bearing on the group’s restructuring process, said the person. U.S. asset manager Oaktree Capital Management, a lender to Evergrande to develop a vast land plot in the rural… Continue reading China Evergrande to push ahead with sale of HK land after receiver appointment

Chinese EV maker Nio weighs Singapore listing amid delayed HK plan: Report

Nio, a Chinese electric car-maker listed on the New York Stock Exchange (NYSE), is said to be exploring a listing on the Singapore Exchange (SGX) instead of an earlier plan of floating shares in Hong Kong amid uncertainties over local regulatory scrutiny. Nio recently held a meeting to discuss the potential of a secondary listing… Continue reading Chinese EV maker Nio weighs Singapore listing amid delayed HK plan: Report

GM’s Cruise to raise $1.35b more from SoftBank as it readies robotaxis

Self-driving tech firm Cruise on Tuesday said SoftBank Group Corp’s Vision Fund has agreed to invest an additional $1.35 billion through a second tranche, as it works to launch a commercial ride-hailing service in San Francisco. Cruise, majority-owned by General Motors, has strong financial support from its investors including Honda and Microsoft and is not planning to… Continue reading GM’s Cruise to raise $1.35b more from SoftBank as it readies robotaxis

Chinese market regulators okay IPO of chip unit of automaker BYD …

Market regulators for China’s Shenzhen-based ChiNext board announced late on Wednesday the approval of the pending initial public offering (IPO) of the semiconductor unit of Chinese automaker BYD Co Ltd. The automaker originally filed for an IPO for BYD Semiconductor in Shenzhen in May 2021. However, in August, the company was forced to halt plans as a firm advising in its IPO process faced a regulatory probe. The company aims… Continue reading Chinese market regulators okay IPO of chip unit of automaker BYD …

Stellantis to raise stake in China JV with GAC to 75%

Stellantis plans to increase its stake in its 50-50 joint venture in China with Guangzhou Automobile Group (GAC) to 75% as part of its efforts to tackle one of the weak spots in its business. The deal remains subject to approval by the Chinese government, Stellantis, the world’s number four carmaker said on Thursday. Additional details on Stellantis‘… Continue reading Stellantis to raise stake in China JV with GAC to 75%

Taiwanese battery maker ProLogium inks investment deal with Mercedes-Benz …

Taiwanese battery maker ProLogium Technology Co on Thursday said it has signed a cooperation agreement with Daimler AG’s Mercedes-Benz to build test vehicles equipped with co-developed solid-state batteries in the coming years. ProLogium in a statement said it will receive “high double-digit” million euros in investment from the German luxury car maker which will also take a seat… Continue reading Taiwanese battery maker ProLogium inks investment deal with Mercedes-Benz …

Baidu’s EV arm Jidu raises $400m in new funding round

Baidu’s electric vehicle (EV) arm Jidu Auto said on Wednesday that it had raised nearly $400 million from Baidu and Zhejiang Geely Holding Group in a fresh funding round. Jidu, an EV venture between China’s search engine company Baidu and Chinese automaker Geely, said in a statement that it would deliver its mass-produced “robot” cars in 2023.… Continue reading Baidu’s EV arm Jidu raises $400m in new funding round

Chinese automaker Changan to list EV unit around 2025

Chinese state-run automaker Chongqing Changan Automobile plans to list its electric vehicle (EV) unit around 2025, the China Securities Journal said on Tuesday. The unit completed fundraising round B on Monday, said the paper, reaping 5 billion yuan ($789.84 million), 2 billion yuan over its planned target. Changan did not immediately respond to a request for comment. Reuters reported last year that the unit was planning to list on STAR Market.… Continue reading Chinese automaker Changan to list EV unit around 2025

India’s Ola Electric raises $200m from Tekne, Edelweiss, others at $5b valuation

Indian electric vehicles maker Ola Electric announced on Monday that it has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others at a valuation of $5 billion. The latest financing comes within two months of the Bengaluru-based startup securing about $53 million led by Singapore’s state investment firm Temasek, with… Continue reading India’s Ola Electric raises $200m from Tekne, Edelweiss, others at $5b valuation