Photo by Chen Yong, a fulcrum financial reporter Chen Yong
Last night 22:30 (9:30 Eastern United States), Technology landed on Nasdaq in the United States. The opening stock price was $ 17.99/share, with a market value of $ 12.5 billion, and the stock code was "LOT".This is the first Chinese car company in the capital market overseas this year.Luther Technology is a company under Geely Holding Group.Both the supercar sedan EMEYA are made here and sold to the world.
Merge of LVMHs company curve listing
Lotus takes SPAC (SPAC (Special purpose acquisition company) Method, Lottes, a special purpose acquisition company L Catterton ASIA Acquisition Corp (hereinafter referred to as LCAA), which was listed on the Nasdaq, can be traded in Nasdaq after the merger is completed.
Compared with the traditional IPO mode, the SPAC model supervision review is less and the time is shorter. It takes only 13 months from the announcement of listing to completion of listing.Geely Holding Groups polar stars and Yitong Technology are successfully listed in this way.
The consolidated party LCAA is affiliated with LVMH Groups consumer goods private equity company L Catterton, which has invested in more than 270 consumer brands in the global investment scope.Forests and other brands.
Before listing, Luters Technology has completed 6 rounds of financing.In 2023, Lotus Technology obtained a financing commitment of more than $ 880 million in private equity investment agreement (PIPE) from global investors, existing shareholders and strategic partners.After the listing, all existing shareholders such as Geely Holdings, Etika (Malaysia) and Weilai Capital will retain their shares in Luttes.
Luther is a luxury car brand founded in the UK in 1948. It has been translated as "Lotus".The champion has advantages in the fields of aerodynamics, control, performance and lightweight.
Historically Luters has changed the master several times. In 2017, Geely Holding Group signed an agreement with Malaysia DRB-HICOM Group to acquire 49.9%of the shares of Baoto Automobile under the latter and Lute, and Lutet51%of the Stocks.
After being attributed to His Majesty Geely, Luther announced the "Vision80" brand revival plan, using electrification as the main development direction of the next decade, and finally completed the brand to electrification in 2028 to electrification, Intelligent comprehensive transformation.Lands currently has four models: Emira, Evija, EleTre, and EMEYA. According to official data, as of September 2023, Lotus global sales reached 19,000 units and about 200 stores in the world.
According to the prospectus, from January to September 2023, the net loss of Lotus was US $ 530 million, a performance of 43.6%year-on-year.
Wuhan becomes Geelys "Second Hometown"
Wuhan Economic Development Zone is known as "China Valley Valley Valley Valley Valley", Gathered 9 vehicle companies, 13 vehicle manufacturers and more than 1,200 automotive component companies, realized the coverage of the entire industry chain from fuel vehicles and new energy to intelligent connected vehicles.This is also the focus of the Geely Industrial Layout.
In August 2021, the Lands Group announced the establishment of Lurtus Technology and settled the Global Headquarters and Luther Global Smart Factory in Wuhan Economic Development Zone.
Luther Global Smart Factory is located in the Intelligent Networking and Electric Vehicle Industrial Park in Wuhan Economic Development Zone, covering an area of 1,526 acres, with a total investment of over 8 billion yuan, an annual output capacity of 150,000 vehiclesEssenceThe factory also plans a multi -functional composite experience track with a total length of 3 kilometers and 16 curve, which is designed and constructed in accordance with the safety standards of the F1 track.
In July 2022, Lotuss global intelligent factory was officially completed, and the first "Wuhan Made" Luther SUV Eletre was offline.It is reported that EMEYA, the Luther Super Running sedan, will also be put into production in Wuhan this year.
Geely and Wuhan have deep roots.In 2017, Yitong Technology, founded by Li Shufu and Shen Ziyu, settled in Wuhan, and developed smart travel full stack solutions including central computer platforms, chip modules and software.In December 2022, Yicong Technology landed on Nasdaq, becoming the first US listed company in Wuhan Economic Development Zone.
Since then, Geelys core engine technology and Xingji Meizu have settled in Wuhan.The core engine technology focuses on the research and development of high -performance vehicle -level chips. It has launched Chinas first 7NM car -class smart cockpit chip with self -developed mass -produced vehicles.Development line, enter the field of vehicle machine interconnection.Xinqing Technology has completed three rounds of financing, with a valuation of over 7 billion, Star Meizus cumulative financing of 2 billion yuan, and a valuation of more than 10 billion yuan after investment. All have been promoted to unicorn companies.
"Wuhan will be the strategic fulcrum of Geely Group based on Central China and focusing on global." As Li Shufu said before, Wuhan was becoming Geelys second hometown.
Edit 丨 Liu Dingwen Hu Xinyue
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