Summary by Moomoo AI
On 16 January 2024, Mitsubishi Motor entered into an investment agreement with Mitsubishi New Energy and other investors, agreeing to make a cash investment in Mitsubishi New Energy. Wuingxi New Energy owns 70.00%, 13.37% and 13.13% of Guangxi Motor, Wuingxi Motor and Mitsubishi Industries, respectively, and Guangxi Motor is the ultimate controlling shareholder of Wuingxi Motor. This investment is a connected transaction, but as the maximum applicable percentage is less than 5%, it is only subject to the reporting and disclosure requirements of the Listing Rules. Upon completion of the investment, the registered capital of Wujing New Energy will increase from RMB999,950,000 to approximately $1,109,202,878. Proceeds from the investment will be used for new energy car R&D, smart grid platform construction, etc. Mitsubishi New Energy sold approximately 4,700 new energy logistics vehicles in the first half of 2023 and developed new models. Wujing believes that the investment will help maintain its influence on Mitsubishi New Energy and benefit from the growth of China's new energy vehicle industry.