Cleary Gottlieb represented WM Motor Holdings Limited in its business combination with Apollo Future Mobility Group Limited for a consideration of $2.02 billion (approximately HK$15.9 billion).
Under the Hong Kong listing rules, the transaction constitutes a very substantial acquisition as well as a reverse takeover for Apollo Future Mobility Group. The parties entered into an acquisition agreement on January 11, 2023.
Apollo Future Mobility Group is an investment holding company, which mainly provides smart mobility services and automotive technology solutions. Its shares are listed on the Hong Kong Stock Exchange.
WM Motor Holdings Limited is a Chinese electric-car maker. The group is a pioneer in bringing innovative smart EV technologies to China’s mainstream market. The brand of the group is aiming to deliver smart EVs that offer safe and reliable performance, consistent quality, and superior user experience at affordable prices in China.