HK-listed Apollo hits 2-month low on plan to buy Chinese EV maker

Apollo Future Mobility

12/01/2023 06:36

** Shares of smart electric vehicles (EV) and automotive
technology solutions group Apollo Future Mobility Group Ltd
 0860.HK  drop as much as 12.9% to HK$0.222, their lowest since
Nov. 11
    ** Stock set for the biggest daily pct decline since Oct 19
    ** Apollo, with current market value of HK$2.38 bln ($304.68
mln) plans to buy Chinese EV maker WM Motor Global Investment
Ltd from WM Motor Holdings for $2.02 bln, in a deal to be
settled by issuing 28.82 bln new shares at HK$0.55 each
 urn:newsml:reuters.com:*:nFWN33W306
    ** Co. also plans sale of 7.12 bln new shares at HK$0.55
apiece to at least 6 independent third parties, raising HK$3.92
bln ($501.83 million) to develop its manufacturing and sales of
high performance hypercars, smart EVs and to repay borrowings 
    ** Co. says WM Motor will apply for a waiver from making an
unconditional mandatory general offer for outstanding company
shares
    ** WM Motor had in May 2022 filed a listing application to
the Hong Kong bourse, and the deal lapsed in November 2022
    ** Hang Seng Commerce & Industry Index  .HSNC  eases 0.5%,
Hang Seng Tech Index  .HSTECH  falls 1.4%, while the Hang Seng
Index  .HSI  climbs 0.1%
($1 = 7.8114 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))