Lotus, a subsidiary of Geely, completes merger with SPAC and rises on Nasdaq's first day of listing

Geely's Lotus brand successfully merged with SPAC company L Catterton Asia Acquisition Corp (LCAA) and was listed on the Nasdaq. On the first day of trading, Lotus' market value reached US$9.29 billion, or about RMB 66.8 billion, making it the largest IPO at the beginning of 2024.