Sputtering WM Motor Hopes For Recharge From New U.S. Listing With Kaixin - Part 2 [Seeking Alpha]
Moatable, Inc. American Depositary Share (each representing forty-five (45) Class A Ordinary Shares) (MTBL)
Company Research
Source: Seeking Alpha
Kaixin's shares are down 44% since announcement of the WM Motor acquisition, and continued to slide after a recent reverse share split to bring them back above the $1 mark. To read the first part of this two-part series, click here Sputtering new energy vehicle (NEV) maker WM Motor Holdings Ltd. announced it found a white knight in Kaixin Auto Holdings NASDAQ: KXIN ) last week, just days after its plan to be acquired by Hong Kong-listed Apollo Future Mobility Group Ltd. (0860.HK) collapsed . But who exactly is Kaixin, whose own market value is a miniscule $57 million? Frankly speaking, Kaixin hardly looks like the kind of savior that WM needs to rescue its fast-sinking ship, including operations that halted this year due to lack of cash. Kaixin has a history of opportunistic self-reinventions, including its latest dive into NEVs. The timing of this latest transformation hardly looks good either, as China's overheated industry shows signs of consolidating after a boom from 2018
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