On October 27, 2021, Jing-Jin Electric (688280.SH) is listed on the Shanghai Stock Exchange Science and Technology Innovation Board. FAW Group and Allison Transmission participated in the strategic placement of the initial public offering as strategic investors.
FAW Group will subscribe in JJE IPO strategic investor placement with its own funds through FAW Equity Investment (Tianjin) Co., Ltd., for a total of 19.18 million shares or CNY 264 million (approx. USD 42 million). Going forward, the two parties will continue to deepen the strategic collaboration.
Allison Transmission, a leading designer and manufacturer of conventional, electric hybrid and fully electric vehicle propulsion solutions, today announced that it will participate in the initial public offering (IPO) of Jing-Jin Electric (JJE), a leader in electric motor, inverter, and integrated electrified propulsion systems within the largest electric vehicle market in the world. As part of JJE’s upcoming IPO at The Science and Technology Innovation (STAR) Board on Shanghai Stock Exchange, Allison will make a strategic investment of ¥264 million CNY (approx. $42 million USD).
JJE signed an agreement to be part of the Strategic Alliance. The collaboration partners will synergize in brand advantages, technologies and products, business model innovation, market promotion, knowledge sharing, and strategic communication. The partners will jointly develop and launch a range of new energy vehicles such as electric sanitation trucks, electric dump trucks, heavy-duty tractor trucks, and battery-electric urban light delivery trucks.