Chinese electric vehicle transit service provider announced it will donate $ 1

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New York, NY, November 22, 2021 (GLOBE NEWSWIRE) – BMKP Technology Co Ltd. (“BMKP” or “the Company”), a Chinese electric vehicle transportation service provider that has been selected as China’s Internet Unicorn Companies for four consecutive years, plans to go public through a merger with a special purpose acquisition company (“SPAC”).

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

BMKP is one of the few service providers with 252 ridesharing service licenses in China. The company is headquartered in Wuhan, a central city in China, and its lines of business include intra-city and intercity transportation. The company plans to further penetrate markets in lower tier and underserved cities.

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

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

As of November 22, 2021, 555 IPOs of PSPC have been completed and more than US $ 150.8 billion in funds have been raised, breaking all previous records.

Throughout 2020, the U.S. stock market completed a total of 237 PSPC IPO projects, raising a record $ 83.3 billion.

Some well-known SPAC mergers include the global fast food brand “Burger King”, the well-established entertainment magazine “Playboy”, the private aerospace company “Virgin Galactic”, the first publicly traded hydrogen company “Nikola” and the EV company “The Future of Faraday”.

PSPC is a special financial instrument in the US capital market, commonly referred to as “Blank Check Corporations”. PSPC is primarily a listed private equity fund. The founder first creates a company and delivers an initial public offering prospectus. Once the company goes public with IPO funding, it will find target companies to merge with within 9-24 months. Most PSPCs will be listed on the Nasdaq, but there are also some on the NYSE.

Contact information.

Adam Liu, [email protected].

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