Harneys acted as Cayman Islands counsel to CH-AUTO Technology Corporation Ltd. on the deal.
CH-AUTO Technology Corporation Ltd., a Chinese automotive manufacturer, announced their plan to go public via a merger with Mountain Crest Acquisition Corp. IV (Nasdaq: MCAF), a Delaware corporation formed as a publicly-traded special purpose acquisition company.
Upon the closing of the merger, the combined group will operate under CH AUTO Inc., a Cayman Islands exempted company whose shares will be traded on the Nasdaq Capital Market. The transaction, expected to close in Q4 2022, bears an initial equity value of approximately US$1.25 billion.
Headquartered in Beijing, CH-AUTO specialises in electric vehicle manufacturing, automotive design service and automotive parts manufacturing. It is a design service provider to major mainstream Chinese auto brands such as Geely, Chery, FAW and GAC. Its wholly-owned subsidiary Qiantu Motor launched in production Qiantu K50 China’s first all-electric urban super sports car in 2018.
The Harneys team was led by Shanghai Corporate Partner Calamus Huang (Picture), supported by Senior Associate Lily Zhang.
Law Firms: Harneys;
Clients: CH-AUTO Technology Corporation Ltd.;