Foton's Kawen New Energy secures CNY 1.2bn in funding

Beiqi Foton Motor (SSE:600166) announced that its controlling subsidiary, Kawen New Energy, has completed a Pre-A round of financing. The capital injection totals CNY 1,208.77 million, increasing Kawen New Energy's registered capital by CNY 80.58 million. Key investors include Foton Motor itself, Robert Bosch Venture Capital, a employee stock ownership platform, Shanghai Boyuan Jiachen Venture Capital, Boyuan Yicheng Equity Investment, Wuhan Boyuan Fengcheng Venture Capital, Beijing Green Energy and Low Carbon Industry Investment Fund, and Anpeng Green (Beijing) Energy Industry Investment Fund. The per-share price was set at CNY 1.50. Following the investment, Foton Motor remains Kawen New Energy's controlling shareholder. The funds will be used to support Kawen New Energy's business development and capital needs in the new energy vehicle sector. The transaction is not considered a major asset restructuring.