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xiaomi's private equity exit leaves aotes' ipo prospects a mystery?

2024-09-09

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aotejia (002239.sz) plans to acquire 15.67% of the shares held by jiangsu etes new energy technology co., ltd. from hainan jimu venture capital co., ltd., a wholly-owned subsidiary of xiaomi private equity fund management co., ltd., for rmb 179 million. after the completion of this transaction, aotejia will indirectly hold 92% of etes' shares through its subsidiaries, and hainan jimu will completely withdraw from etes' shareholders. it is worth noting that since etes reached its peak performance in 2022, its performance has continued to decline and it suffered losses in the first half of this year, which may affect its ipo prospects.

in june 2021, aotecar's wholly-owned subsidiary air conditioning international made a major business adjustment, injecting its independent thermal management device r&d, manufacturing and sales business and assets into etes in the form of shares. in early 2022, aotecar announced etes' significant performance growth in thermal management systems for battery energy storage equipment, and planned to introduce external investment to further consolidate its competitive position in the industry.

subsequently, on june 31, 2022, hainan jimu acquired 1.7206 million yuan of the registered capital of etes transferred by air conditioning international through an investment of 90 million yuan, and subscribed for 1.0670 million yuan of the newly added registered capital of etes by investing 60 million yuan. at the same time, yangzhou guangling dongzheng emerging industry investment fund partnership (limited partnership) also participated in the investment, investing 80 million yuan to subscribe for 1.4227 million yuan of the newly added registered capital of etes.