Shung Ye Motors Corporation announced that it expects to receive TWD 356.8 million in funding from China Motor Corporation

Shung Ye Motors Corporation announced a private placement of 35,680,000 common shares at the price of TWD 10 per share returning investor, China Motor Corporation for gross proceeds of TWD 356,800,000 on August 5, 2022. The investor continue to retain its 39.99% stake in the company. The transaction has been approved by the board of directors of the investor.