GCL ET Made Private Placement over 3.7 Billion Yuan, JPMorgan and Others Subscribed

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2022-03-04    Source:Beijing News

On the evening of March 3, GCL ET announced its private placement of 3.765 billion yuan, a total of 270 million shares issued. Sichuan Trading, Guiyang Industrial Control, Caitong Fund, Nord Fund, JPMorgan Chase Bank, National Association, CITIC Securities, GF Securities and others, altogether 14 companies and institutions participated in the subscription, and the issue price was 13.90 yuan per share.

On March 31, 2021, GCL ET officially announced its launch into mobile energy business and joint force with CICC Capital for a strategic cooperation. The two sides has set up a ten billion industrial fund theming "carbon neutrality" - CICC GCL Carbon Neutral Industry Investment fund, designed to build a transportation ecology based on the construction of mobile energy ecology.

In June of the same year, to quicken its deployment of the mobile energy business, GCL ET disclosed its private placement initial, and the funds to be raised will be mainly used for the construction of new energy vehicle swap stations, the construction of information system platforms and R&D centers, and as supplementary working capital.

Since 2021, GCL ET has started the implementation of related power station projects by joining hands with Geely, FAW Jiefang, Dongfeng Motor, Sany Heavy Industry, BAIC and other enterprises for strategic cooperation. The company plans a capacity to serve more than 500,000 new energy vehicles by 2025.

Fei Zhi, President of GCL ET, said, "The successful fundraising can optimize the company’s capital structure and strengthen its own funds, which can further guarantee the development of the mobile energy business, accelerate the market layout, and enhance the company’s core competitiveness.”