Tag Archives: TRN

PR Newswire

Lotus Technology Enters into Agreements for $122M with Strategic Partners and Business Partners

Leave a comment

NEW YORK and SINGAPORE, April 28, 2023 /PRNewswire/ — Lotus Technology Inc. (“Lotus Tech” or the “Company”), a leading global luxury electric vehicle maker, announced today that it has entered into agreements with strategic partners and business partners for a total investment amount of approximately $122 million, which are subject to customary terms and conditions (including regulatory approvals) included in the definitive documentation. The financing marks a robust start to the Company’s ongoing fundraising and a major milestone in its planned business combination with L Catterton Asia Acquisition Corp (“LCAA”) (NASDAQ: LCAA), a special purpose acquisition company formed by affiliates of L Catterton, a leading global consumer-focused investment firm.

The financing demonstrates the strength of market confidence in Lotus Tech as the Company progresses to complete the previously announced business combination, which is expected to close later this year. The funds expected to be provided by the financing are intended to be used to further advance Lotus Tech’s development of next-generation automobility technologies, continue the Company’s expansion of its global distribution network, and promote product innovation.

The global luxury electric vehicle market is expected to expand at a compound annual growth rate of 35% between 2021 and 2031, reaching over 1.9 million units by the end of that period.[1] “As an early mover in the market, Lotus Tech is well-positioned to address unfilled demand and capitalize on the segment’s rapid growth. Our strategic partners are eager to contribute to our development with additional capital,” said Mr. Qingfeng Feng, Chief Executive Officer of Lotus Tech.

“We are encouraged by this support from our strategic partners as they continue to invest and demonstrate confidence in our performance and growth potential,” added Mr. Feng. “Beyond providing capital, our strategic partners’ extensive global relationships and deep industry expertise will help accelerate our business and technology development and product roll-out. We look forward to further executing our strategy and steering the industry towards a more sustainable future.”

[1] According to research by Oliver Wyman, LLC.

Overview of the Transactions Contemplated by the Business Combination

On January 31, 2023, Lotus Tech and L Catterton Asia Acquisition Corp announced the signing of a definitive agreement related to a proposed business combination that would result in Lotus Tech becoming a public company. Upon completion of the business combination, the combined company is expected to retain Lotus Tech’s name as “Lotus Technology Inc.” and its ordinary shares are expected to be listed on the Nasdaq under the ticker symbol “LOT.”

About Lotus Technology

Lotus Technology Inc., headquartered in Wuhan, China, has operations across China, the UK, and the EU. The Company is dedicated to delivering luxury lifestyle battery electric vehicles including SUVs and sedans with a focus on world-class R&D in next-generation automobility technologies such as electrification, digitalisation and more. For more information about Lotus Technology Inc., please visit www.group-lotus.com.

About L Catterton Asia Acquisition Corp 

L Catterton Asia Acquisition Corp (NASDAQ: LCAA) is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. While it may pursue an initial target business in any industry or sector, it has focused its search on high-growth, consumer technology sectors across Asia. For more information about L Catterton Asia Acquisition Corp, please visit www.lcaac.com.

About L Catterton

L Catterton is a market-leading consumer-focused investment firm, managing approximately $33 billion of equity capital across three multi-product platforms: private equity, credit and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands. For more information about L Catterton, please visit lcatterton.com.

Forward-Looking Statements

This press release (the “Press Release”) contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, that are based on beliefs and assumptions and on information currently available to Lotus Tech and LCAA. All statements other than statements of historical fact contained in this Press Release are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by LCAA and its management, and Lotus Tech and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of definitive agreements with respect to the proposed Business Combination between LCAA, Lotus Tech and the other parties thereto (the “Business Combination”); (2) the outcome of any legal proceedings that may be instituted against LCAA, the Combined Company or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (3) the amount of redemption requests made by LCAA public shareholders and the inability to complete the Business Combination due to the failure to obtain approval of the shareholders of LCAA, to obtain financing to complete the Business Combination or to satisfy other conditions to closing and; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (5) the ability to meet stock exchange listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of the Company as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the Combined Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the Business Combination; (9) risks associated with changes in applicable laws or regulations and Lotus Tech’s international operations; (10) the possibility that Lotus Tech or the Combined Company may be adversely affected by other economic, business, and/or competitive factors; (11) Lotus Tech’s estimates of expenses and profitability; (12) Lotus Tech’s ability to maintain agreements or partnerships with its strategic partner Geely Holding and to develop new agreements or partnerships; (13) Lotus Tech’s ability to maintain relationships with its existing suppliers and strategic partners, and source new suppliers for its critical components, and to complete building out its supply chain, while effectively managing the risks due to such relationships; (14) Lotus Tech’s reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its strategic partners for servicing its vehicles and their integrated software; (15) Lotus Tech’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from lithium-ion battery cells catching fire or venting smoke; (16) delays in the design, manufacture, launch and financing of Lotus Tech’s vehicles and Lotus Tech’s reliance on a limited number of vehicle models to generate revenues; (17) Lotus Tech’s ability to continuously and rapidly innovate, develop and market new products; (18) risks related to future market adoption of Lotus Tech’s offerings; (19) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (20) Lotus Tech’s reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to Lotus Tech by its partners in order for Lotus Tech to be able to increase its vehicle production capacities; (21) risks related to Lotus Tech’s distribution model; (22) the effects of competition and the high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption generally on Lotus Tech’s future business; (23) changes in regulatory requirements, governmental incentives and fuel and energy prices; (24) the impact of the global COVID-19 pandemic on LCAA, Lotus Tech, Lotus Tech’s post business combination’s projected results of operations, financial performance or other financial metrics, or on any of the foregoing risks; and (25) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in LCAA’s final prospectus relating to its initial public offering (File No. 333-253334) declared effective by the SEC on March 10, 2021, and other documents filed, or to be filed, with the U.S. Securities and Exchange Commission (the “SEC”) by LCAA or Lotus Tech, including the Registration/Proxy Statement (as defined below). There may be additional risks that neither LCAA nor Lotus Tech presently know or that LCAA or Lotus Tech currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Nothing in this Press Release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved in any specified time frame, or at all, or that any of the contemplated results of such forward-looking statements will be achieved in any specified time frame, or at all. The forward-looking statements in this Press Release represent the views of LCAA and Lotus Tech as of the date they are made. While LCAA and Lotus Tech may update these forward-looking statements in the future, LCAA and Lotus Tech specifically disclaim any obligation to do so, except to the extent required by applicable law. You should not place undue reliance on forward-looking statements.

Projections

Lotus Tech’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Press Release, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this Press Release. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. While such information and projections are necessarily speculative, LCAA and Lotus Tech believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Lotus Tech or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this Press Release should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

Actual results may differ as a result of the completion of Lotus Tech’s financial reporting period closing procedures, review adjustments and other developments that may arise between now and the time such financial information for the period is finalized. As a result, these estimates are preliminary, may change and constitute forward-looking information and, as a result, are subject to risks and uncertainties. Neither Lotus Tech’s nor LCAA’s independent registered accounting firm has audited, reviewed or compiled, examined or performed any procedures with respect to the preliminary results, nor have they expressed any opinion or any other form of assurance on the preliminary financial information.

Additional Information

In connection with the proposed Business Combination, (i) Lotus Tech is expected to file with the SEC a registration statement on Form F-4 containing a preliminary proxy statement of LCAA and a preliminary prospectus (the “Registration/Proxy Statement”), and (ii) LCAA will file a definitive proxy statement relating to the proposed Business Combination (the “Definitive Proxy Statement”) and will mail the Definitive Proxy Statement and other relevant materials to its shareholders after the Registration/Proxy Statement is declared effective. The Registration/Proxy Statement will contain important information about the proposed Business Combination and the other matters to be voted upon at a meeting of LCAA shareholders to be held to approve the proposed Business Combination. This Press Release does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination.

Before making any voting or other investment decisions, securityholders of LCAA and other interested persons are advised to read, when available, the Registration/Proxy Statement and the amendments thereto and the Definitive Proxy Statement and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about LCAA, Lotus Tech and the Business Combination. When available, the Definitive Proxy Statement and other relevant materials for the proposed Business Combination will be mailed to shareholders of LCAA as of a record date to be established for voting on the proposed Business Combination. Shareholders will also be able to obtain copies of the Registration/Proxy Statement, the Definitive Proxy Statement and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: LCAA, 8 Marina View, Asia Square Tower 1, #41-03, Singapore 018960, attention: Katie Matarazzo.

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in the Solicitation

LCAA and Lotus Tech, and certain of their directors and executive officers, may be deemed participants in the solicitation of proxies from LCAA’s shareholders with respect to the proposed Business Combination. A list of the names of those directors and executive officers and a description of their interests in LCAA is set forth in LCAA’s filings with the SEC (including LCAA’s final prospectus related to its initial public offering (File No. 333-253334) declared effective by the SEC on March 10, 2021), and are available free of charge at the SEC’s web site at www.sec.gov, or by directing a request to LCAA, 8 Marina View, Asia Square Tower 1, #41-03, Singapore 018960, attention: Katie Matarazzo. Additional information regarding the interests of such participants and other persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders in connection with the proposed Business Combination will be contained in the Registration/Proxy Statement for the proposed Business Combination when available.

No Offer and Non-Solicitation

This Press Release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of LCAA or Lotus Tech, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

Contact Information

For inquiries regarding Lotus Tech

Demi Zhang
ir@group-lotus.com

Brunswick Group
Lotustechmedia@brunswickgroup.com

For inquiries regarding LCAA and/or L Catterton
Julie Hamilton (U.S.)
media@lcatterton.com
+1 203 742 5185

Bob Ong / Bonnie Gan (Asia)
bob.ong@lcatterton.com / bonnie.gan@lcatterton.com
+65 6672 7619 / +86 10 8555 1807

Source: Lotus Technology Inc.

PR Newswire

Ampotech joins Coastal Sustainability Alliance to Support Decarbonization of Maritime Sector

Leave a comment

SINGAPORE, April 25, 2023 /PRNewswire/ — Singapore-based energy technology startup Ampotech is bringing its internet of things enabled energy management technology to the maritime sector. On 25 April 2023, Ampotech was one of 11 new members signing a Memorandum of Understanding to join the Coastal Sustainability Alliance (CSA).

Coastal Sustainability Alliance
Coastal Sustainability Alliance

CSA, launched in 2022 and helmed by Kuok Maritime, is an alliance dedicated to decarbonizing Singapore’s marine industry by developing electric vessels, charging infrastructure and power management systems, as well as coastal logistics optimization solutions. The 18 member CSA expects to invest over S$20 million into various sustainability efforts over the next ten years with the aim of a 50% reduction in vessel carbon emissions and 20% in marine traffic by 2030.

“The Coastal Sustainability Alliance’s efforts to build the next generation coastal logistics ecosystem has progressed to plans. The alliance is excited to contribute in incubating our local start-ups. Ampotech’s research initiatives will reinforce the efficiency and reliability of our PXO vessels. We will provide them with our full support to achieve our common goals.” Victor Yeap, Senior General Manager, PaxOcean.

As one of the new technology providers in CSA, Ampotech expects to work closely with fellow members PaxOcean, M1, GenPlus, and ST Engineering to track and optimize the energy use of the battery-powered PXO e-tug and e-supply vessels, which will be the first and largest locally designed, built, and deployed boats to be in operation in Singapore.

“Our energy management technology is proven for on-shore applications in commercial and industrial buildings, and we are excited to have the opportunity to bring those capabilities into the maritime sector with CSA to have a larger impact” said Ampotech CEO William Temple.

About Ampotech

Ampotech Pte Ltd is an energy technology company based in Singapore that develops internet of things (IoT) hardware and AI-enabled software to help businesses collect, analyse, and integrate building and machine electricity usage data for sustainability reporting, benchmarking, automation, and facilities management. Ampotech’s products and software are trusted by industry leaders in the energy and real estate sectors, with thousands of devices deployed in commercial, residential, and industrial buildings. Ampotech has been recognized as one of the top climate tech companies in Southeast Asia, and has won awards for its technology and impact in the built environment sector. For more information, please visit www.ampotech.com.

PR Newswire

Asia’s EV Race: Selex Motors raises $3 million from ADB Ventures, Schneider Electric Energy Access Asia and others

Leave a comment

Accelerating the fastest growing EV ASEAN nation to effectively reduce carbon footprint of the last mile transportation segment.

SINGAPORE, April 24, 2023 /PRNewswire/ — Hanoi-based Selex Smart Electric Vehicles JSC (Selex Motors) is making waves in the electric vehicle (EV) and battery pack manufacturing industry in Vietnam and is currently in a US$ 3 million convertible note investment round with ADB Ventures – Asian Development Banks’s venture arm, Schneider Electric Energy Access Asia, Touchstone Partners, and Sopoong Ventures.

Through this round, the fund will be utilized to expand production lines and support vehicle sales while setting up battery-swapping systems in key cities in Vietnam, solidifying Selex’s position as the nation’s first and largest shared battery-swapping network provider.

“The unwavering support reaffirms our common goal of combating climate change and provides an important boost to our business. Through this round’s investment, we are looking forward to establishing a strong foothold in Vietnam and building a foundation for regional expansion” said Selex Motors Chief Executive Officer, Dr. Nguyen H.P. Nguyen.

Selex’s flagship electric two-wheeler (E2W) vehicles are designed for high-usage applications with its own battery-swapping solution allowing users to replenish the energy for up to 150 km in under two minutes, a key enabler for EV adoption in commercial activities. Furthermore, this model has a 50% load capacity improvement compared to existing alternatives, and the electric powertrain reduces maintenance and fuel costs by over 30%, consequently lowering overall logistics costs for corporate fleets and increasing the net income of deliverers.

“By displacing gasoline-based 2-wheelers with E2Ws in last-mile logistics fleets, Selex’s growth will naturally mitigate carbon emissions which our sources estimate up to 50,000 tons by 2025,” he added.

Selex is a first of its kind to develop from scratch an optimal electric ecosystem for last-mile transportation to reduce the operation costs and impact of the logistics industry. The company also holds a significant Intellectual Property (IP) portfolio consisting of 10 patents, 5 designs, and 4 trademarks — incubated at its in-house research and development facility.

“The electrification of road transport will have a profound and transformative impact on the automotive manufacturing and logistics sectors in Southeast Asia. We are proud to be part of Selex’s journey from the very beginning and look forward to them becoming an important regional player in the coming years,” said ADB Ventures Investment Specialist Charles Cole Navarro.

The EV sector is gaining massive traction in Asia and the Pacific with an estimated valuation of over US$ 777 billion in 2027, registering a CAGR of 19.1%, while the Vietnamese market for E2W is the biggest and fastest growing among ASEAN nations and is also the second largest globally. With petrol-powered two-wheelers being one of the largest sources of greenhouse gas emissions in major cities, electrification will greatly benefit high-usage applications such as last-mile transport to minimize carbon footprint.

“We are thrilled to back Selex Motors in this latest round. With Vietnam widely regarded as the center of the motorcycle industry in Asia, we are convinced of the huge impact on decarbonization that Selex creates by bringing cleaner energy into transportation, as well as providing strong financial incentives for corporate partners and riders to make this switch to electric scooters. We are extremely excited to join forces with ADB Ventures, Touchstone, and Sopoong in supporting Vietnam’s EV ecosystem and Selex’s journey for sustainable mobility,” said Gilles Vermot Desroches, President of Schneider Electric Energy Access Asia.

As Selex continues to work towards its mission, Selex invites like-minded corporate partners to join in the effort. For more information, visit www.selex.vn. 

About Selex Motors

Based in Hanoi, Selex Motors is a pioneering startup in electric vehicles in Southeast Asia. The company was co-founded in 2018 by three co-founders, including two Ph.D. graduates in Mechanical Engineering from the University of Michigan in Ann Arbor, who decided to return to their home country to make an impact.  Selex Motors aims to accelerate the transition to green transportation through a proprietary and innovative ecosystem for electric two-wheelers. Selex Motors currently focuses on applying its solution in the fast-growing segments of last-mile transport in Vietnam, with a plan for regional expansion in the near future.

PR Newswire

Cango Inc. Announces New Share Repurchase Program

Leave a comment

SHANGHAI, April 21, 2023 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Company”), a leading automotive transaction service platform in China, today announced that its board of directors has authorized a new share repurchase program (the “New Share Repurchase Program”) under which the Company may repurchase up to US$50 million worth of its outstanding (i) American depositary shares (“ADSs”), each representing two Class A ordinary shares, and/or (ii) Class A ordinary shares over the next 12 months starting from April 25, 2023.

The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, in accordance with applicable rules and regulations. The number of ADSs and/or Class A ordinary shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with Cango’s working capital requirements and general business conditions. The Company’s board of directors will review the New Share Repurchase Program periodically, and may authorize adjustment of its terms and size. The Company plans to fund the repurchases from its existing cash balance.

On April 22, 2022, the Company announced a share repurchase program (the “Existing Share Repurchase Program”) under which the Company may repurchase up to US$50 million worth of its outstanding ADSs and/or Class A ordinary shares. Pursuant to the Existing Share Repurchase Program, the Company had repurchased 2,794,557 ADSs from the open market with cash in the aggregate amount of approximately US$5.7 million up to April 17, 2023. For avoidance of doubt, the Existing Share Repurchase Program will remain in effect until its expiration on April 25, 2023.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China connecting car buyers, dealers, financial institutions, and other industry participants. Founded in 2010 by a group of pioneers in China’s automotive finance industry, the Company is headquartered in Shanghai and has a nationwide network. Leveraging its competitive advantages in technological innovation and big data, Cango has established an automotive supply chain ecosystem, and developed a matrix of products centering on customer needs for auto transactions, auto financing and after-market services. By working with platform participants, Cango endeavors to make car purchases simple and enjoyable, and make itself customers’ car purchase service platform of choice. For more information, please visit: www.cangoonline.com. 

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the “Business Outlook” section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango’s goal and strategies; Cango’s expansion plans; Cango’s future business development, financial condition and results of operations; Cango’s expectations regarding demand for, and market acceptance of, its solutions and services; Cango’s expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
Twitter: https://twitter.com/Cango_Group

Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com

Source: Cango Inc.

PR Newswire

Full Truck Alliance Co. Ltd. Files Its Annual Report on Form 20-F

Leave a comment

GUIYANG, China, April 20, 2023 /PRNewswire/ — Full Truck Alliance Co. Ltd. (“FTA” or the “Company”) (NYSE: YMM), a leading digital freight platform, announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2022 with the Securities and Exchange Commission on April 19, 2023. The annual report can be accessed on the Company’s investor relations website at ir.fulltruckalliance.com.

The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to Investor Relations Department, Full Truck Alliance Co. Ltd., 16F, Building T2, SOHO Tianshan, No. 1717 Tianshan Road, Changning District, Shanghai, 200051, People’s Republic of China.

About Full Truck Alliance Co. Ltd.

Full Truck Alliance Co. Ltd. (NYSE: YMM) is a leading digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights and types. The Company provides a range of freight matching services, including freight listing, freight brokerage and online transaction services. The Company also provides a range of value-added services that cater to the various needs of shippers and truckers, such as financial institutions, highway authorities, and gas station operators. With a mission to make logistics smarter, the Company is shaping the future of logistics with technology and aspires to revolutionize logistics, improve efficiency across the value chain and reduce its carbon footprint for our planet. For more information, please visit ir.fulltruckalliance.com.

For investor and media inquiries, please contact:

In China:

Full Truck Alliance Co. Ltd.
Mao Mao
E-mail: IR@amh-group.com

The Piacente Group, Inc.
Hui Fan
Tel: +86-10-6508-0677
E-mail: FTA@thepiacentegroup.com

In the United States:

The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FTA@thepiacentegroup.com

Source: Full Truck Alliance Co. Ltd.

PR Newswire

SAE Taipei’s WCX 2023 Delegation Aims to Promote Biz Exchanges in U.S.

Leave a comment

TAIPEI, April 16, 2023 /PRNewswire/ — The SAE Taipei Section of Taiwan is sending a delegation, led by Jerry Wang, the 29th chairman and also Chairman of domestic Automotive Research & Testing Center (ARTC), to the U.S. for participating in the 2023 World Congress Experience (WCX), as well as promote ACES (Autonomous, Connected, Electric and Shared)-related partnerships, business opportunities, and information exchanges between Taiwan and the U.S..

The SAE Taipei Section of Taiwan is sending a delegation to the U.S., led by Jerry Wang, the 29th chairman and also Chairman of domestic Automotive Research & Testing Center (ARTC). This trip will communicate with the U.S. vehicle industry on the latest industry trends, technological development and other issues, and promote Taiwan-U.S. industrial cooperation.
The SAE Taipei Section of Taiwan is sending a delegation to the U.S., led by Jerry Wang, the 29th chairman and also Chairman of domestic Automotive Research & Testing Center (ARTC). This trip will communicate with the U.S. vehicle industry on the latest industry trends, technological development and other issues, and promote Taiwan-U.S. industrial cooperation.

The delegation includes many ranking officials of Taiwanese government, as well leading automakers, research institutes, among others. It is scheduled to arrive Detroit on April 16th, and visit some of the biggest names in the automotive industry, such as GM Proving Ground, Optimal Group, Autoneum, the Mcity, ACM, and the Center for Automotive Research (CAR).

Taiwan-U.S. exchanges on vehicles and EV industry have received significant attention from the government, and the Technology Trade and Investment Collaboration (TTIC) framework, launched by the Ministry of Economic Affairs (MOEA) of Taiwan and the U.S. Department of Commerce in the end of 2021, has been facilitating more progresses in related fields. In 2022, for example, the MOEA played a pivotal role in the establishment of Optimal Intelligent Mobility Co., Ltd., a joint venture between ARTC and U.S.-based OPTIMAL Group, to promote Taiwan’s cutting-edge intelligent-driving technology on the global stage.

Chairman Wang points out that Taiwan’s vehicle- and EV-related systems have been a very important part of the global supply chain. The output of Taiwan’s auto-electronics reached about US$1.2 billion in 2022, and is estimated to exceed US$2 billion by 2025. EVs are becoming the mainstream of the global car market, he stresses, and Taiwan has a complete EV industry supply chain that has accumulated international supply experience and outstanding ICT back-forces. Plus with the competitive advantage in system integration and intelligence, he adds, Taiwan can help international automakers rapidly develop intelligent EVs in the most efficient way.

This is the first post-COVID delegation visit by SAE Taipei Section to the U.S., and Wang hopes to promote partnerships between the two countries’ automotive industry, while deepen mutual understanding and technology exchanges.

The SAE Taipei Section of Taiwan is sending a delegation to the U.S., led by Jerry Wang, the 29th chairman and also Chairman of domestic Automotive Research & Testing Center (ARTC). This trip will communicate with the U.S. vehicle industry on the latest industry trends, technological development and other issues, and promote Taiwan-U.S. industrial cooperation.

PR Newswire

Addentax Group Corp. Initiates Task Force to Investigate Suspected Illegal Trading Activities

Leave a comment

SHENZHEN, China, April 14, 2023 /PRNewswire/ — Addentax Group Corp. (“Addentax” or the “Company”) (Nasdaq: ATXG), an integrated service provider focusing on garment manufacturing, logistics service, property management and subleasing, and epidemic prevention supplies, today announced that it plans to assemble a specialized task force to investigate the alleged illegal trading targeting its stock. The Company believes that certain individuals or entities have participated in unauthorized sales of a substantial volume of its shares without securing proper delivery, in violation of the law. This illicit activity seems to be part of a market manipulation scheme designed to artificially depress the value of Addentax’s securities.

In response to these concerns, Addentax is proactively evaluating potential actions, which may include engaging experts with a proven track record in detecting potential fraud, insider trading, and market manipulation related to short-selling activities.

Short selling, a legitimate investment practice, entails an investor borrowing shares from another party and selling them with the intention of repurchasing them at a lower price to make a profit. Conversely, naked short selling, the act of selling shares without first borrowing them, is strictly prohibited under the Securities and Exchange Commission rules.

By engaging in repeated instances of naked short selling, malicious actors can accumulate significant profits and manipulate a stock’s price downward, potentially driving a company towards insolvency. In this situation, all equity is eliminated, and the naked shorts are no longer required to cover their positions.

Addentax remains steadfast in its commitment to conducting a thorough investigation of this matter and will take decisive action to pursue all available legal remedies.

About Addentax Group Corp.

Addentax Group Corp. is an integrated service provider focusing on garment manufacturing, logistics service, property management and subleasing, and epidemic prevention supplies. Its garment manufacturing business consists of sales made principally to wholesaler located in China. The logistics business consists of delivery and courier services covering 79 cities in seven provinces and two municipalities in China. The property management and subleasing business provides shops subleasing and property management services for garment wholesalers and retailers in garment market. The epidemic prevention supplies business consists of manufacturing and distribution of epidemic prevention products and resale of epidemic prevention supplies purchased from third parties in both domestic and overseas markets. For more information, visit the Company’s website at https://www.addentax.com/.

Safe Harbor Statement

All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions are intended to identify such forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to consider risk factors, including those described in the Company’s filings with the SEC, that may affect the Company’s future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Company Contact:

Addentax Group Corp
Phone: + (86) 755 86961 405

Investor Relations Contact:”
Sherry Zheng
Weitian Group LLC
1-718-213-7386
Shunyu.zheng@weitian-ir.com 

Source: Addentax Group Corp.

PR Newswire

Nippon Express (Shanghai) Expands Functions with New Temperature-controlled Warehouse in Shanghai Waigaoqiao Free Trade Zone

Leave a comment

– Move Aimed at Meeting Growing Demand for Electrical/Electronics and Semiconductor-related Products –

TOKYO, April 14, 2023  /PRNewswire/ — Nippon Express (Shanghai) Co., Ltd. (hereinafter “NX Shanghai”), a group company of NIPPON EXPRESS HOLDINGS, INC., has constructed a new temperature-controlled warehouse in the Shanghai Waigaoqiao Free Trade Zone to meet growing demand for electrical, electronic, and semiconductor-related products.

Logo: https://kyodonewsprwire.jp/img/202304114729-O1-cEBz3AKi

Image1: Warehouse entrance https://kyodonewsprwire.jp/prwfile/release/M103866/202304114729/_prw_PI2fl_27V0H8QK.jpg

Image2: Warehouse interior https://kyodonewsprwire.jp/prwfile/release/M103866/202304114729/_prw_PI3fl_5G20BroG.jpg

Demand for electrical/electronics and semiconductor-related products is surging worldwide due to the increase in online business and remote working triggered by the COVID-19 pandemic.

To satisfy this climbing demand, NX Shanghai has constructed a new temperature-controlled warehouse in the Shanghai Waigaoqiao Free Trade Zone whose specifications allow temperature control in multiple independent storage rooms within the warehouse, enabling the company to offer product-specific storage and management of various electrical, electronic, and semiconductor-related products with differing storage requirements as well as high-quality distribution processing services.

The Nippon Express Group will be stepping up its efforts in the electrical/electronics and semiconductor industries, which it has positioned as priority industries in its Group business plan, and will continue to expand its logistics functions globally to assist customers in developing their own business activities.

Profile of temperature-controlled warehouse
– Location: No.11, Debao Road, Waigaoqiao Free Trade Zone, Shanghai
– Structure: Two-story building
– Total floor area: 3,764 m2 (1st floor: 3,484 m2; 2nd floor: 280 m2)
– Key facilities and functions: Air conditioning, power supply secured by a company-owned low-voltage power distribution room inside the warehouse, and temperature control possible in up to seven separate compartments and in individual storage rooms

Nippon Express website: https://www.nipponexpress.com/

Nippon Express Group’s official LinkedIn account:
https://www.linkedin.com/company/nippon-express-group/

Source: NIPPON EXPRESS HOLDINGS, INC.

PR Newswire

DEKRA expands Board of Management: Petra Finke and Peter Laursen to fill newly created Board of Management positions at DEKRA

Leave a comment
  • Two new Board Members to join DEKRA SE: Petra Finke (55) to become Chief Digitalization Officer (CDO) as of July 1, 2023, Peter Laursen (47) appointed as Chief Operation Officer (COO) with immediate effect.
  • They both complete the DEKRA SE Board of Management together with Stan Zurkiewicz as CEO and Wolfgang Linsenmaier as CFO.
  • The recent appointments result from significant changes made by DEKRA in both its Board of Management composition and organization, as the company seeks to accelerate its transformation and facilitate the execution of its Focus Strategy 2025.
  • The newly created CDO role will focus on enhancing DEKRA’s existing service portfolio and introducing new advanced digital services in the light of the ongoing digital transformation.
  • The newly created COO role is dedicated to strengthening DEKRA’s global position, improving the company’s business results, and better serving the needs of its customers across the globe.
  • Stefan Kölbl, Chairman of the Supervisory Board of DEKRA: “DEKRA’s vision is to become the leading global force in safety, security, and sustainability. The recent changes in the composition of the Board of Management are designed to advance our strategic growth plans and accelerate the pace of execution.”

SEOUL, South Korea, April 13, 2023 /PRNewswire/ — DEKRA appointed two new members to its Board of Management today: Petra Finke (55), currently Global CIO Rhenus Freight Logistics and CEO of Rhenus Freight Network GmbH, will join the company as Chief Digitalization Officer (CDO) on July 1, 2023, while Peter Laursen (47) will fill the role of Chief Operation Officer (COO) with immediate effect.

Stefan Kölbl, Chairman of the Supervisory Board of DEKRA: “DEKRA’s vision is to become the leading global force in safety, security, and sustainability. The recent changes in the composition of the Board of Management are designed to advance our strategic growth plans and accelerate the pace of execution. Petra Finke and Peter Laursen are the perfect choice for these new roles, and we are glad to welcome them as our new board members. We are convinced they will do great in their new responsibility.”

Petra Finke (55) has been working with Rhenus Group for over 20 years, most recently as Global CIO Rhenus Freight Logistics and CEO of Rhenus Freight Network GmbH. She was responsible for global IT and digitalization, and in this role successfully managed the transformation of the company’s heterogeneous IT and process landscape into a distributed, cloud-based digital ecosystem. Furthermore, she established Rhenus Freight Network GmbH as the central IT service provider and advisor for the global network, while developing digital customer solution to optimize logistics value chains.

In her newly created role as CDO of DEKRA, Petra Finke will pursue the company’s target to fully leverage the business potential of digitalization. DEKRA expects digital services to play a crucial role in the TIC industry (Testing, Inspection and Certification), and it is set to develop its service portfolio accordingly. Petra Finke will focus on improving existing services, as well as creating reliable services for DEKRA’s focus business areas future mobility, sustainability, and cyber security, by deploying the use of cutting-edge tech like AI and remote services.

Peter Laursen (47) has been employed at DEKRA for the past 10 years. He has an outstanding track record in business development, turning Denmark’s DEKRA Academy into the country’s undisputed market leader. In addition, he significantly expanded the range of services beyond trainings, providing for two-digit sales growth over the past years. Being responsible for the Region of North-West Europe, he successfully turned around underperforming businesses navigated external challenges such as impacts of the current geopolitical situation and inflation as well as supply chain bottlenecks.

As DEKRA’s new COO, he will oversee the company’s six business regions which comprise legal entities and operations in 60 countries on all continents, as well as Group Marketing & Sales. He will be responsible for expanding DEKRA’s global footprint, especially in the strategic growth regions of North America and Asia. Working with the company’s business regions, he will match DEKRA’s strong service portfolio with regional demands and work towards achieving the regions’ strategic and financial ambitions.

“I look forward to working closely with Petra Finke and Peter Laursen to deliver the best customer experience in our industry, across the globe. Their leadership qualities, expertise, and track record of success will be invaluable as we continue to evolve our business and accelerate our digital transformation,” said Stan Zurkiewicz, Chairman of the Board of Management and CEO of DEKRA.

Stan Zurkiewicz, Chairman of the Management Board DEKRA e.V. and DEKRA SE CEO

Petra Finke, as of July 1, 2023, Member of the Management Board DEKRA SE

CDO Stefan Kölbl, President of the Presidential Board of DEKRA e.V. and Chairman of the Supervisory Board of DEKRA SE

Peter Laursen, Member of the Management Board DEKRA SE COO and Head of Region North-West Europe

Wolfgang Linsenmaier, Member of the Management Board DEKRA e.V. and DEKRA SE CFO, HR and Organizational Excellence

About DEKRA

DEKRA has been active in the field of safety for almost 100 years. Founded in 1925 in Berlin as Deutscher Kraftfahrzeug-Überwachungs-Verein e.V., it is today one of the world’s leading expert organizations. DEKRA SE is a subsidiary of DEKRA e.V. and manages the Group’s operating business. In 2022, DEKRA will generate preliminary sales totaling almost EUR 3.7 billion. The company currently employs over 48,000 people (as of 30.09.2022) in approximately 60 countries on all continents. With qualified and independent expert ser-vices, they work for safety on the road, at work and at home. These services range from vehicle inspection and expert appraisals to claims services, industrial and building inspections, safety consultancy, testing and certification of products and systems, as well as training courses and temporary work. The vision for the company’s 100th birthday in 2025 is that DEKRA will be the global partner for a safe, secure, and sustainable world. With a platinum rating from EcoVadis, DEKRA is now in the top one percent of sustainable businesses ranked.

PR Newswire

INMOTION Set to Showcase Latest Innovations at Trade Show in Hong Kong

Leave a comment

SHENZHEN, China, April 10, 2023 /PRNewswire/ — A leading global company in the fields of intelligent short-distance transportation, INMOTION, announces their attendance at the upcoming Globe Source Consumer Electronics. The trade show is scheduled to be held in Hong Kong from April 11th-14th, 2023.

Inmotion will unveil a brand new ultra- high performance electric scooter Inmotion RS at the Global Source Consumer Electronics from April 11-14, 2023
Inmotion will unveil a brand new ultra- high performance electric scooter Inmotion RS at the Global Source Consumer Electronics from April 11-14, 2023

INMOTION a tech company creating electric vehicles for personal transportation. The company is responsible for R&D, manufacturing, marketing, and everything in between. With their focus on affordable and eco-friendly mobility solutions, INMOTION has quickly become a household name in the e-mobility industry.

At Globe Source Consumer Electronics, INMOTION plans to showcase their latest innovations in electric transportation technology, including their new line of electric scooter. Visitors to the INMOTION booth can expect to see sleek designs, advanced battery technology, and cutting-edge safety features that make these products stand out from the competition.

In addition to their existing products, INMOTION will also be unveiling a brand new ultra-high performance electric scooter. The vehicle delivers an impressive speed of 100km/h and it is the world’s first electric scooter with transformer system, one can experience four riding forms, transform from a sports car, sedan, SUV to an off-road vehicle, empowering you to take on any challenge.

“We’re thrilled to be attending Globe Source Consumer Electronics this year and to be able to share our latest innovations in electric transportation with the world,” said Bob Yan, CEO of INMOTION, “Our goal is to make sustainable mobility accessible and convenient for everyone, and we believe that events like Globe Source Consumer Electronics are the perfect opportunity to showcase the incredible potential of e-mobility.”

With their innovative approach to sustainable transportation and a commitment to providing affordable and accessible options for consumers, INMOTION is sure to be one of the most talked-about companies at Globe Source Consumer Electronics this year.

Simply learn more information from: https://www.facebook.com/InmotionWorld

About INMOTION

Founded in 2012, INMOTION is a global high-tech company integrated with R&D, manufacturing and marketing sensor-controlled vehicles for personal transportation. At present, INMOTION’s products lines cover electric unicycle, electric scooter, e-bike, hoverboard and more. Centered on these product lines, INMOTION will always strive to shape the transportation sector by crafting more cutting-edge rides to simplify the travel and commute within the city for all riders of all ages.

PR Contacts:

marketing@imscv.com

sales@imscv.com