Byton Seeks for CNY 2 Billion Round
Byton is now registering a new company, 'Shengteng,' seeking RMB 2 billion investment to speed up the manufacturing of Byton M-Byte. Byton's shareholders, including FAW, is pushing forward the deal, according to Chinese media Beijing Business Today (link in Chinese).
On July 1, Byton suspended its operations in China to reorganize due to cash flow pressures. It plans to restart from September to proceed with the mass production of M-Byte. But without new funds, the plan will be empty.
EqualOcean reported the issue Byton faces on July 8.
This text is a result of machine translation.
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EqualOcean is an information service provider and investment research company that aims to become a global platform for industrial innovation. Founded in February 2014 and headquartered in Beijing, with a client network covering over 50 countries, the firm provides comprehensive professional services, including industry research, investment analysis, innovation consulting, data products, corporate branding and international strategy.