* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, June 3, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Entertainment-Focused Narrative and Culture Change Practice – New America

    Transforming Culture Through Engaging Entertainment Narratives

    Rising stars: Young classical musicians surging on social media – Yahoo

    Meet the Next Generation of Classical Music Sensations Making Waves on Social Media!

    Devin Harjes Dies: ‘Manifest’ & ‘Boardwalk Empire’ Actor Was 41 – WyomingNews.com

    Tragic Loss: Devin Harjes, Star of ‘Manifest’ and ‘Boardwalk Empire,’ Passes Away at 41

    Why Starz Entertainment Stock Soared Today – The Motley Fool

    Unpacking the Surge: What Fueled Starz Entertainment’s Stock Explosion Today!

    Unveiling the Enigmatic: First Looks at Destruction and Puck in ‘The Sandman

    Jackie Chan Reveals This Family Member ‘Never Watched’ The Whole Of Any Of His Movies – Yahoo

    Jackie Chan Reveals This Family Member ‘Never Watched’ The Whole Of Any Of His Movies – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    AI for lawyers: Win back your time using technology – nationaljurist.com

    Reclaim Your Time: How AI is Transforming the Legal Profession

    Prosecutors accuse men of exporting U.S. military technology to China – Milwaukee Journal Sentinel

    Men Charged with Illegally Exporting U.S. Military Technology to China

    ROLAND’S NEW WIRELESS TRIGGER TECHNOLOGY, PORTER & DAVIES ON TOUR, NEW 64 AUDIO ASPIRE UNIVERSAL IEM MODELS, WAVES FREE PLUGIN PACK – Modern Drummer Magazine

    ROLAND’S NEW WIRELESS TRIGGER TECHNOLOGY, PORTER & DAVIES ON TOUR, NEW 64 AUDIO ASPIRE UNIVERSAL IEM MODELS, WAVES FREE PLUGIN PACK – Modern Drummer Magazine

    This giant microwave may change the future of war – MIT Technology Review

    Revolutionizing Warfare: The Impact of a Game-Changing Giant Microwave

    Bajeed Pattan Joins Forbes Technology Council as Innovation Leader – PRWeb

    Bajeed Pattan Takes the Helm as Innovation Leader at Forbes Technology Council!

    Lafayette Regional Technology Council – Tech Leadership That’s Homegrown and Future-Focused – Discover Lafayette

    Lafayette Regional Technology Council – Tech Leadership That’s Homegrown and Future-Focused – Discover Lafayette

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Entertainment-Focused Narrative and Culture Change Practice – New America

    Transforming Culture Through Engaging Entertainment Narratives

    Rising stars: Young classical musicians surging on social media – Yahoo

    Meet the Next Generation of Classical Music Sensations Making Waves on Social Media!

    Devin Harjes Dies: ‘Manifest’ & ‘Boardwalk Empire’ Actor Was 41 – WyomingNews.com

    Tragic Loss: Devin Harjes, Star of ‘Manifest’ and ‘Boardwalk Empire,’ Passes Away at 41

    Why Starz Entertainment Stock Soared Today – The Motley Fool

    Unpacking the Surge: What Fueled Starz Entertainment’s Stock Explosion Today!

    Unveiling the Enigmatic: First Looks at Destruction and Puck in ‘The Sandman

    Jackie Chan Reveals This Family Member ‘Never Watched’ The Whole Of Any Of His Movies – Yahoo

    Jackie Chan Reveals This Family Member ‘Never Watched’ The Whole Of Any Of His Movies – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    AI for lawyers: Win back your time using technology – nationaljurist.com

    Reclaim Your Time: How AI is Transforming the Legal Profession

    Prosecutors accuse men of exporting U.S. military technology to China – Milwaukee Journal Sentinel

    Men Charged with Illegally Exporting U.S. Military Technology to China

    ROLAND’S NEW WIRELESS TRIGGER TECHNOLOGY, PORTER & DAVIES ON TOUR, NEW 64 AUDIO ASPIRE UNIVERSAL IEM MODELS, WAVES FREE PLUGIN PACK – Modern Drummer Magazine

    ROLAND’S NEW WIRELESS TRIGGER TECHNOLOGY, PORTER & DAVIES ON TOUR, NEW 64 AUDIO ASPIRE UNIVERSAL IEM MODELS, WAVES FREE PLUGIN PACK – Modern Drummer Magazine

    This giant microwave may change the future of war – MIT Technology Review

    Revolutionizing Warfare: The Impact of a Game-Changing Giant Microwave

    Bajeed Pattan Joins Forbes Technology Council as Innovation Leader – PRWeb

    Bajeed Pattan Takes the Helm as Innovation Leader at Forbes Technology Council!

    Lafayette Regional Technology Council – Tech Leadership That’s Homegrown and Future-Focused – Discover Lafayette

    Lafayette Regional Technology Council – Tech Leadership That’s Homegrown and Future-Focused – Discover Lafayette

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Bankrupt WM Motor Chairman Freeman Shen and Family Reportedly Move to the United States

October 21, 2023
in Technology
Bankrupt WM Motor Chairman Freeman Shen and Family Reportedly Move to the United States
Share on FacebookShare on Twitter

Freeman Shen (Chinese name: Shen Hui), the founder and chairman of WM Motor, is reported to have flown to New York on October 16, using the excuse of attending the Munich Auto Show in Germany. He left behind nearly 40 billion yuan worth of investments and debts as well as unpaid salaries of WM Motor employees.

WM Motor is one of the earliest EV manufacturers in China, acquiring investments from firms such as Baidu and Tencent, with a total fundraising amount exceeding 41 billion yuan. However, WM Motor’s performance in the market has not been as expected. It attempted to go public three times, but all ended in failure.

An insider close to Freeman Shen revealed to Chinese media National Business Daily, that Shen is indeed no longer in China. Since the Spring Festival of 2023, he has not made any public appearances at the company, and his family had relocated to the United States. While the IP address displayed on Shen’s Weibo account still shows Beijing, it is believed that Shen has designated someone else to manage the account for him.

According to China’s National Enterprise Bankruptcy Reorganization Case Information Network, WM Motor has applied for bankruptcy reorganization. On October 10, WM Motor issued a notice letter through its official Weibo account stating that, considering the company still holds commercial value and potential for recovery, with a sound corporate governance structure in place and some creditors expressing willingness to participate in the reorganization, their pre-reorganization application has been accepted by the court.

SEE ALSO: WM Motor Applies for Bankruptcy Review

WM Motor was established in May 2012, with a registered capital of 6 billion yuan. According to publically disclosed risk information, the company has more than 20 instances where it is deemed a “judgment debtor”, with a total amount exceeding 100 million yuan to repay. In addition, the company and its holdings in multiple companies have been frozen, with a cumulative amount exceeding billions of yuan.

According to the IPO prospectus disclosed by WM Motor, its net loss attributable to shareholders in during 2019 to 2021 was RMB 4.445 billion, RMB 5.084 billion, and RMB 8.205 billion respectively, with a total loss of RMB 17.4 billion over the three years. By 2021, WM Motor had in effect become insolvent.

Faced with a huge funding gap, WM Motor has been seeking an IPO and has made three attempts, all of which failed.

However, WM Motor has not given up. According to the news from Kaixin Auto’s WeChat official account, on September 11th, Kaixin Auto Holdings announced signed a non-binding letter of intent for acquisition with WM Motor, which plans to issue a certain number of new shares to acquire 100% equity held by its shareholders.

Sign up today for 5 free articles monthly!

Pandaily Substack subscribe

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Pandaily – https://pandaily.com/bankrupt-wm-motor-chairman-freeman-shen-and-family-reportedly-move-to-the-united-states/

Tags: Bankruptmotortechnology
Previous Post

Ehang’s Autonomous Aerial Vehicle Receives Type Certificate

Next Post

Zhipu Huazhang Raises 2.5 Billion Yuan in Financing, Expands Focus on Large-Scale Model R&D

AI carves out a niche in ecology and conservation research – Nature

AI carves out a niche in ecology and conservation research – Nature

June 3, 2025
Opinion | JD Vance Defies the Market’s Gravity – WSJ

JD Vance: Challenging Market Norms and Defying Expectations

June 3, 2025
RFK Jr. Says Healthy Pregnant Women Don’t Need Covid Boosters. What the Science Says. – KFF Health News

RFK Jr. Challenges Covid Booster Necessity for Healthy Pregnant Women: What the Research Reveals

June 3, 2025
Updates to Lifestyle’s Spring Quarter bucket list – The UCSD Guardian

Exciting New Additions to Your Spring Quarter Bucket List!

June 3, 2025
It’s Waymo’s World. We’re All Just Riding in It. – WSJ

Welcome to Waymo’s World: The Future of Autonomous Driving Awaits!

June 3, 2025
Fed’s Logan: The US economy remains resilient – FXStreet

Fed’s Logan: The US economy remains resilient – FXStreet

June 3, 2025
Entertainment-Focused Narrative and Culture Change Practice – New America

Transforming Culture Through Engaging Entertainment Narratives

June 3, 2025
NC lawmakers target pharmacy “middlemen” in proposed reforms – North Carolina Health News

NC Lawmakers Take Aim at Pharmacy Middlemen with Bold Reform Proposals

June 3, 2025
If we want better political representation, let’s stop voting straight ticket in Indiana – Indiana Capital Chronicle

Break the Mold: Why Ditching Straight Ticket Voting in Indiana Can Transform Political Representation

June 3, 2025
AI for lawyers: Win back your time using technology – nationaljurist.com

Reclaim Your Time: How AI is Transforming the Legal Profession

June 3, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (661)
  • Economy (675)
  • Entertainment (21,581)
  • General (15,257)
  • Health (9,718)
  • Lifestyle (678)
  • News (22,149)
  • People (677)
  • Politics (684)
  • Science (15,896)
  • Sports (21,180)
  • Technology (15,662)
  • World (663)

Recent News

AI carves out a niche in ecology and conservation research – Nature

AI carves out a niche in ecology and conservation research – Nature

June 3, 2025
Opinion | JD Vance Defies the Market’s Gravity – WSJ

JD Vance: Challenging Market Norms and Defying Expectations

June 3, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version