Tycoon SPAC Deal to Create China’s Biggest US Listing Since Didi
- Automotive tech firm ECARX to merge with COVA Acquisition
- Geely, Luminar Tech, Lotus Tech to invest $45 million
Li Shufu
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
ECARX Holdings Inc., the automotive tech firm backed by billionaire Li Shufu, agreed to go public through a merger with blank-check company COVA Acquisition Corp. in the largest Chinese listing in the US since Didi Global Inc.
The deal values the combined company at about $3.8 billion, according to a statement Thursday, which confirmed an earlier Bloomberg News report. The transaction includes a $45 million investment from Li’s automobile giant Zhejiang Geely Holding Group Co., Luminar Technologies Inc. and Lotus Technology. Geely is an existing investor in ECARX.