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Chinese EV ride-hailing service provider considering SPAC IPO in US with estimated valuation of $1B

BMKP Technology Co Ltd., a Chinese EV ride-hailing service provider, is considering going public in the US through a merger with a Special Purpose Acquisition Company (SPAC). BKMP expects it will be listed on Nasdaq around March 2022 at the earliest, with an estimated valuation of US$1 billion (equivalent to approximately 6.5 billion CNY).

Throughout 2020, the US stock market completed a total of 237 SPAC IPO projects, raising a record amount of US$83.3 billion. As of 22 November 2021, 555 SPAC IPOs have been completed and more than US$150.8 billion in funds have been raised.

BMKP is headquartered in Wuhan and its business segments include intra-city and inter-city ride-hailing. The company is planning to further penetrate 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. The Company has raised capital in multiple rounds of financing, with shareholders including several Chinese publicly traded companies such as Heilan Home and Do-Fluoride New Materials.

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

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