Rumor

Chinese EV Ride-Hailing Service Provider Said to Mull $1 Billion U.S. SPAC Deal

, Globe Newswire

BMKP Technology Co Ltd. (“BMKP”), a Chinese Electric Vehicle ride-hailing service provider that has been selected as Chinese Internet Unicorn Companies for four consecutive years, is considering going public through a merger with a SPAC.

The Company expects it will be listed on Nasdaq around March 2022 at the earliest, with an estimated valuation of $1 billion USD (equivalent to approximately 6.5 billion CNY).

BMKP is one of the few top service providers with 252 ride-hailing service licenses in China. The company is headquartered in Wuhan, a central city in China, and its business segments include intra-city and inter-city ride-hailing. The company is planning to further penetrating markets in lower-tier and underserved cities.

At present, BMKP has set up more than 300 subsidiaries and urban operation stations in Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Changsha, Kunming, etc. It is reported that the Company has raised capital in multiple rounds of financing, shareholders includes several Chinese public traded companies such as Heilan Home (SSE: 600398) and Do-Fluoride New Materials (SHE: 002407).

BMKP will become the second Chinese ride-hailing service provider to land on the U.S. stock market after Didi if the process goes smoothly.

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