Recently, WM Motor Holdings Limited has added a bankruptcy review case, with WM Motor Holdings Limited being the applicant. According to risk information, the company has more than 20 enforcement information records, with a total enforced amount exceeding 100 million yuan. Additionally, there are several records of equity freezes.
In September of this year, Happy Car announced that it had signed a non-binding letter of intent to merge with WM Motor Holdings Limited (commonly referred to as "Weima Automobile" or "WM Motor"), planning to issue a certain number of new shares to acquire 100% of the shares held by its shareholders. Happy Car is a subsidiary of Happy Car Holdings. The company entered the used car industry in 2015 through auto financing. In 2017, it officially began its operations in used car retail. In 2019, it was listed on NASDAQ. This August, it announced the completion of the acquisition of Morning Star Automobile Company, officially entering the new energy vehicle manufacturing sector.
WM Motor was established at the end of 2015 and is a new energy smart vehicle company that integrates design, research and development (hardware and software), supply chain management, vehicle and battery pack manufacturing, online digital marketing, offline sales and services, and auto finance. Currently, Weima has two industrial 4.0 standard intelligent manufacturing bases: the Wenzhou production base and the Huanggang production base. WM Motor has successfully developed and delivered in bulk four models: E.5, EX5, EX6, and W6, and will soon deliver the M7.
