On the evening of October 20, GAC Group shared the latest progress of GAC Aion’s Series A financing. So far, all strategic investors have signed the agreement on financing for attracting strategic investment and made the payment. A total of 53 strategic investors were introduced in Series A financing, with a total financing amount of RMB 18.294 billion, setting a new record for the most funds raised through a single private placement in the domestic new energy vehicle industry. After the capital increase, Aion is worth an estimated RMB 103.239 billion, with the highest value among domestic unlisted new energy vehicle enterprises. As the controlling shareholder, GAC Group still holds 76.89% of GAC Aion’s shares, directly and indirectly.

This capital increase and share expansion will help Aion establish a more refined equity structure and a more market-oriented corporate governance structure and operating mechanism. It will also further optimize resource allocation, and enhance market competitiveness throughout the value chain. After the capital increase is completed, Aion’s internal forces driving development and market vitality will be stimulated to a greater extent, and the profitability of Aion and GAC Group will also be activated simultaneously.