Shanghai electric carmaker WM Motor kicks off Star Market listing process
- Senior executives will be trained on how to prepare IPO documents in compliance with listing rules under ‘pre-listing tutoring procedure’
- Company recruited brokerage China Securities on September 30 to prepare for IPO
Chinese electric carmaker WM Motor Technology has kick started the process to list on the Shanghai exchange’s Nasdaq-like Star Market.
The company, which designs, manufactures and markets affordable battery-run electric vehicles under the Weltmeister brand, recruited mainland brokerage China Securities on September 30 to prepare for the initial public offering (IPO), according to top watchdog China Securities Regulatory Commission’s Shanghai branch.
Under the so-called pre-listing tutoring procedure, which normally takes three to 12 months, WM Motor’s senior executives will be trained on how to prepare IPO documents in compliance with listing rules. It is a compulsory procedure that an IPO applicant must go through before filing its listing plan to regulators.
“Electric vehicle companies will be well received on the Star Market, because it is one of the industries that the government gives tremendous support to,” said Zhou Ling, a hedge fund manager with Shanghai Shiva Investment. “WM Motor, seen as one of the promising start-ups that could compete with Tesla, has to accelerate its pace for an IPO on the market.”
Founded in 2015 and headquartered in Shanghai, the company has a manufacturing facility in Wenzhou, in China’s eastern Zhejiang province, equipped with mass customisation capability and a capacity of 100,000 units a year. Another manufacturing facility is under construction in Huanggang, in the northern Hubei province.
