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Startup Byton registers new company dubbed “Shengteng” after suspending China operations

Monika From Gasgoo| September 11 , 2020 11:06 BJT

Shanghai (Gasgoo)- Stalled Chinese electric vehicle startup Byton registered on September 9 a new firm dubbed “Nanjing Shengteng Automobile Technology Co.,Ltd.” (called “Shengteng” for short), according to Chinese database query platform Tianyancha.

Startup Byton registers new company dubbed “Shengteng” after suspending China operations

(Byton M-Byte, photo source: Byton)

Involving a registered capital of 1.5 billion ($219.356 million), Shengteng has a line of businesses covering the R&D of auto parts, the sale of new energy complete vehicles, NEV-used electric accessories and the PHEV-specific engines, the development of AI-enhanced software , and other business. Duan Lianxiang, former Byton's vice-president of R&D in China, serves as its legal representative and general manager, holding 6.67% equity stake in Shengteng.

Notably, FAW Equity Investment (Tianjin) Co., Ltd., an investment equity wholly controlled by FAW Group, is also among Shengteng’s shareholders.

Some local media outlets reported in late August that BYTON had applied for the registration of a new technology company, in attempt to raise 2 billion yuan ($292.475 million) to speed up the volume production of the M-Byte, the startup's first production model. FAW Group and other shareholders were proactively pushing ahead with the new round of fundraising, the local reported revealed.

BYTON said in late June it would suspend most operations in Chinese mainland from July 1 to conduct a firm reorganization after being battered by the COVID-19 pandemic. From then on, the Nanjing-headquartered startup would have not more than 100 employees remaining at its China facilities, while its offices in North America and Germany had initiated bankruptcy filing processes in accordance with local laws.

During the past two months, the number of employees on duty had increased to around 130 from 100 during the past two months, according to the same media source. The company was making the third round of enrollment expansion with the employee number expected to reach 200.

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