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    1585   KYG9830F1063

YADEA GROUP HOLDINGS LTD.

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Taiwanese electric scooter maker Gogoro to go public via $2.35 billion SPAC deal

09/16/2021 | 05:02am EDT
FILE PHOTO: Batteries for Gogoro, an electric scooter brand, are seen inside a charging station in Taipei

TAIPEI (Reuters) - Taiwanese electric scooter maker Gogoro, which is partly backed by Singapore state investor Temasek, said on Thursday that it will go public through a merger with a blank-check company in a deal that sets its enterprise value at $2.35 billion.

Gogoro - which has been pushing to expand overseas - will merge with Poema Global Holdings Corp, a special purpose acquisition company (SPAC), and list on NASDAQ.

"The NASDAQ will validate further and give the publicity and stage that Gogoro needs in order to perform and also to be recognised as a global company with global resources," founder and CEO Horace Luke told Reuters.

"It's going to be a really amazing ride for Gogoro."

The Taipei-based company, which is known for its battery distribution network for riders, has in recent years launched scooter-sharing services in Europe and battery sharing infrastructure in Japan.

It also unveiled plans this year to enter the Indian and Chinese markets via tie-ups with Hero MotoCorp, Dachangjiang Group, and Yadea Group Holdings.

In June, Gogoro formed a strategic partnership with Taiwan's Foxconn, a major Apple supplier, to work together in areas from battery to manufacturing.

While Gogoro is the fastest-growing and largest electric scooter maker in Taiwan, it continues to trail major players such as Kymco and Sanyang Motor in the market which is dominated by lower-priced petrol scooters despite government subsidies on electric vehicles, industry data shows.

As part of the SPAC deal, Gogoro's shareholders, including Temasek and Japan's Sumitomo, will convert all their holdings and own a majority of the outstanding shares of the combined company, Chief Financial Officer Bruce Aitken said.

The deal is scheduled to be completed in the first quarter of 2022, he added.

SPACs such as Poema Global raise money through their IPOs to buy private companies and take them public. Poema Global raised $345 million in its IPO in January.

(Reporting by Yimou Lee; Editing by Himani Sarkar)

By Yimou Lee


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.53% 148.69 Delayed Quote.12.65%
HERO MOTOCORP LIMITED -0.54% 2744.95 End-of-day quote.-11.72%
HON HAI PRECISION INDUSTRY CO., LTD. -0.46% 107.5 End-of-day quote.16.85%
MSCI SINGAPORE (GDTR) -0.19% 6816.991 Real-time Quote.17.36%
MSCI TAIWAN (STRD) 0.24% 688.002 Real-time Quote.14.33%
NASDAQ COMP. -0.82% 15090.200353 Real-time Quote.17.33%
POEMA GLOBAL HOLDINGS CORP. 0.00% 9.87 Delayed Quote.0.00%
SANYANG MOTOR CO., LTD. -1.10% 26.9 End-of-day quote.-24.65%
SUMITOMO CORPORATION -0.19% 1599 End-of-day quote.17.10%
UNITED PARCEL SERVICE INC 2.19% 203.81 Delayed Quote.18.43%
YADEA GROUP HOLDINGS LTD. 0.75% 13.44 End-of-day quote.-16.10%
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Financials
Sales 2021 28 051 M 4 394 M 4 394 M
Net income 2021 1 449 M 227 M 227 M
Net cash 2021 3 699 M 579 M 579 M
P/E ratio 2021 27,8x
Yield 2021 1,43%
Capitalization 38 554 M 4 960 M 6 039 M
EV / Sales 2021 1,24x
EV / Sales 2022 0,95x
Nbr of Employees 9 282
Free-Float 36,4%
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Yadea Group Holdings Ltd. Technical Analysis Chart | 1585 | KYG9830F1063 | MarketScreener
Technical analysis trends YADEA GROUP HOLDINGS LTD.
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Mean consensus BUY
Number of Analysts 7
Last Close Price 13,44 CNY
Average target price 20,78 CNY
Spread / Average Target 54,6%
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Managers and Directors
Jing Hong Qian Vice Chairman & Chief Executive Officer
Rui Shi Chief Financial Officer
Jing Gui Dong Chairman
Bi Guang Wu Independent Non-Executive Director
Zong Wei Li Independent Non-Executive Director
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