FMC to Receive $47.14 Million Financing while Tencent and Foxconn is to Exit

SHANGHAI December 29th, 2016 Gasgoo – On December 28th, Harmony Auto announced in its statement that, it will unite Lihe Auto Technology Co., Ltd, Jinheng Investment Co., Ltd and FMC management to raising fund for FMC Cayman for A-round of investment.

It is known that, this time’s deal of Harmony Auto will complete by its subsidiary Shinny Rise, by buying 4375 thousand A-series preferred shares, which totaled $30 million. While Lihe Auto and Jinheng Investment is to buy 2500 thousand A-series preferred shares totaled $17.14 million. According to overall statistics, this round of founding involves $47.14 million in total and the equity ratio will change as follows:

In addition, Harmony Auto plans to establish FMC HK to develop a high-end project called “Internet+ Intelligent Electric Vehicles”. It considers to keep independent operation and driving of its management team to gain success. The transaction of A-series preferred shares of FMC Cayman is aimed to reorganize the equity of FMC HK and the governance structure of Harmony Auto, to make its management team become an important shareholder of the project.