Thanks to CTOnews.com netizens for the delivery of clues about the past. CTOnews.com announced today that it has entered into a share subscription agreement with CYVN Holdings L.L.C ("CYVN Holdings") through its affiliated company CYVN Investments RSC Ltd ("Investor" or "CYVN").
Under the share subscription Agreement, CYVN will invest a total of $2.2 billion in cash (CTOnews.com Note: currently approximately RMB 15.686 billion) to subscribe for 294 million newly issued Class A common shares of the Company at a purchase price of $7.50 per share ("December Investment transaction").
In July, CYVN completed a strategic investment of about $1.1 billion (currently about 7.843 billion yuan) through a private placement of new shares and the transfer of existing shares, with a 7 per cent stake in Lulai.
CYVN is an investment agency headquartered in Abu Dhabi, United Arab Emirates, focusing on strategic investment and layout in advanced, smart and sustainable mobile travel, and is committed to working with global industry leaders in this field.
Li Bin, founder, chairman and CEO of Xilai, said: "We are encouraged by CYVN's vision of accelerating the global transition to a more sustainable future, and thank CYVN for its recognition of its unique values. With the strengthening of the balance sheet, Xilai has been fully prepared to cope with the increasingly fierce competition, while strengthening brand positioning, improving sales and service capabilities and making long-term investment in core technologies, continue to improve implementation efficiency and systematization capabilities. We firmly believe that Ulai will further consolidate its leading position in the transformation of the global automotive industry. "
Jassem Al Zaabi, Chairman and Managing Director of CYVN, said: "increasing our strategic investment in Weilai is in line with our strategy of building a global leading portfolio in the travel sector. This investment demonstrates our confidence in Ulay's unique positioning and competitiveness in the global smart electric vehicle industry. We are pleased to be a long-term strategic partner of Weilai and support its unremitting efforts in product innovation, technological breakthroughs and international market expansion. "
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