Foton Motor announced that its subsidiary Kawen New Energy has started Pre-A round of financing

Foton Motor recently announced that its holding subsidiary, Kawen New Energy, plans to conduct Pre-A round of financing, raising no more than 841 million shares, including two parts: non-public agreement capital increase and public listing capital increase on the Beijing Equity Exchange. The target of this financing is the original shareholders, employee stock ownership platform and qualified investors, and the funds raised are expected to be about 1.261 billion yuan. Foton Motor plans to increase capital by 758 million yuan in cash through non-public agreement. After Kawen New Energy's capital increase and share expansion, Foton Motor will still maintain its position as the controlling shareholder of Kawen New Energy.