Chinese EV Ride-Hailing Service Provider Said to Mull $1 Billion U.S. SPAC Deal

New York, UNITED STATES


New York, NY, Nov. 22, 2021 (GLOBE NEWSWIRE) -- BMKP Technology Co Ltd. (“BMKP” or “the Company”), a Chinese Electric Vehicle ride-hailing service provider that has been selected as Chinese Internet Unicorn Companies for four consecutive years, is considering going public through a merger with a Special Purpose Acquisition Company (“SPAC”).

The Company expects it will be listed on Nasdaq around March 2022 at the earliest, with an estimated valuation of $1 billion USD (equivalent to approximately 6.5 billion CNY).

BMKP is one of the few top service providers with 252 ride-hailing service licenses in China. The company is headquartered in Wuhan, a central city in China, and its business segments include intra-city and inter-city ride-hailing. The company is planning to further penetrating markets in lower-tier and underserved cities.

At present, BMKP has set up more than 300 subsidiaries and urban operation stations in Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Changsha, Kunming, etc. It is reported that the Company has raised capital in multiple rounds of financing, shareholders includes several Chinese public traded companies such as Heilan Home (SSE: 600398) and Do-Fluoride New Materials (SHE: 002407).

BMKP will become the second Chinese ride-hailing service provider to land on the U.S. stock market after Didi if the process goes smoothly.

As of November 22, 2021, 555 SPAC IPOs have been completed and more than US$150.8 billion in funds have been raised which breaks all previous records.

Throughout 2020, the U.S. stock market has completed a total of 237 SPAC IPO projects, raising a record amount of US$83.3 billion.

Some well known SPAC mergers include the global fast-food brand "Burger King", the well-established entertainment magazine "Playboy", the private aerospace company "Virgin Galactic", the first hydrogen energy listed company "Nikola", and the EV company "Faraday Future".

SPAC is a special financial instrument in the U.S. capital market, commonly known as "Blank-Check Companies". SPAC is essentially a listed private equity fund. The founder first sets up a company and submits an initial public offering prospectus. Once the company goes public through IPO financing, it will find target companies to merge with within 9 to 24 months. Most SPACs will get listed on the Nasdaq, but there are also some listed on NYSE as well.

Contact information.

Adam Liu, info@irimpact.com.

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BMKP Technology Co Ltd