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Public company info - Apollo Future Mobility Group Limited , 00860.HK

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Apollo Future Mobility Group Limited, 00860.HK - Company Profile
Chairman Ho King Fung, Eric、Freeman Hui Shen
Share Issued (share) 7,983,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Watch & Jewellery
Corporate Profile Business Summary: The group was involved in the following principal activities: manufacturing and sales of electric vehicles and related components, and provision of engineering services; trading, retailing and wholesale of jewellery products and watches; money lending; securities investments; property investment; and mining. Performance for the year: During the Year, the revenue of the Group increased by approximately 47.8% year-on-year to approximately HK$528.6 million as compared to approximately HK$357.7 million last year. The Group’s loss for the Year was approximately HK$359.4 million (2020: HK$359.4 million). Business Review During the Year, the Group reinforced its position in the market as one of the leading mobility technology solutions providers, drawing on research outputs and engineering excellence from its hypercar development unit, while still persisting in developing its proprietary future mobility technologies. The Group continued its deep dive into the three business pillars: Engineering Services Outsourcing, Technology Development and Automobile Manufacturing. Engineering Service Outsourcing Completion of the Ideenion Acquisition In February 2021, the Group completed the acquisition of the entire issued share capital of Ideenion, a German automotive engineering service provider. Ideenion’s automotive industry expertise covers a wide range of activities encompassing ideation, design, modeling, engineering, simulation, validation & testing, and prototype production, to the delivery of pre-production prototypes to OEM clients. Leveraging the expertise and experience of Ideenion in the auto industry, the Group is further strengthening its ability in providing cutting edge mobility solutions, and is exploiting substantial synergies with the Group’s other business segments and investments in the mobility business. Establishment of a new facility in Wolfsburg, Germany In May 2021, the Group established a new facility in Wolfsburg, Germany to reinforce its presence in the ESO market segment. This facility, strategically placed in Wolfsburg, known as being the home of Volkswagen AG’s headquarters and one of the world’s largest automotive plant, represents the next logical step for Group’s strategy. The facility, together with the Group’s ESO business unit in Germany, collectively the “AFMG Germany Operation” has been working with various OEMs, start-ups and suppliers from all over the world to realize concept cars and other technology demonstrator and component projects of world-leading quality. This represents a strategic expansion of the automotive ESO offerings from the Group’s main site in Gaimersheim. The AFMG Germany Operations will facilitate the development of projects for the mobility of future and promote future innovations. Technology Development The Group’s R&D team continued to achieve breakthroughs in developing proprietary technologies and updating its existing technologies. The Crate Powertrain The Crate Powertrain, developed by Apollo Advanced Technologies (AAT), embodies AAT’s innovations that empower the transition to 800V systems for EVs. It features a 3 in 1 Dual Inverter (1 PDU & 2 Inverters) utilising the latest generation 800V Silicon Carbide Technology for higher efficiency. 2 entirely new 800V Axial Flux E-Motors are mounted within the chassis and coupled with planetary gearboxes, provide a compact and elegant transmission unit. This presents a unique dual-motor layout with torque vectoring, replacing the heavy and complex differential assembly, and gives OEM customers significant flexibility for drivetrain integration into both new and existing vehicle systems. Automobile Manufacturing Apollo IEs delivered During the Year, a total of two Apollo Intensa Emozione (“Apollo IE”) vehicles were delivered. Apollo IE represents the apex of the Group’s internal combustion engine (“ICE”) hypercar design and engineering expertise. All ten vehicles had been sold prior to the commencement of production and delivery started in November 2019. Launch of Apollo Project EVO The Apollo Project EVO was unveiled in November 2021 in China International Import Expo (“CIIE”). The successor of the critically acclaimed Apollo IE hypercar, The Apollo Project EVO is commissioned with a simple brief to deliver raw emotion without compromise. It features an advanced carbon monocoque and a handling package that ensure raw power and emotional aesthetics are matched by peerless handling and driving dynamics. The dominant, star-shaped daytime running lights introduce a new fascia signature detail for the Apollo Automobil brand. The rear design celebrates 6 points of light illumination to communicate power and speed. Three large circular exhaust pipes express the raw power of the vehicle from a dead-rear angle. A full suite of active aerodynamics includes a large deployable and adjustable rear spoiler, aero fins and triangular air-intakes that dominate the profile view of the vehicle. The Apollo Project EVO is a dramatically sculpted piece of design that always continues to offer an intense and emotional visual experience. Launch of Apollo EVision S The Apollo EVision S was unveiled in November 2021 in CIIE. A progressive showcase of Apollo Automobil’s vision for the future of electric mobility, the Apollo EVision S concept takes the best of the Apollo IE design and technical philosophy showcased in Apollo’s hypercars and overlays this into a more approachable and universal package for daily use. At Apollo EVision S, the iconic design feature of growing encapsulated triangles, “Fast Forward” is inspired by a volcano eruption. The tension between the growing scale of the elements builds up a very dynamic surface image which is pushing forward. The four-seater setup of Apollo EVision S with a length of less than 5 meters and a width of less than 2 meters gives a high usability even for families and a great and bold appearance on the street. It demonstrates Apollo’s trajectory towards new clean-air powertrains. Proposed cooperation with Shanghai Jinqiao In March 2021, the Group entered into a cooperation framework agreement (the “Cooperation Framework Agreement”) with Shanghai Jinqiao Export, Processing Zone Development Co., Ltd. (a company listed on the Shanghai Stock Exchange) in relation to a proposed cooperation on the production and R&D of technology and products related to high performance sports EVs and luxury EVs in Shanghai Jinqiao Economic and Technological Development Zone situated in Pudong New Area, Shanghai, where the Group plans to establish a R&D center, regional headquarters and production lines. The proposed cooperation will further strengthen the Group's position in the NEV industry by capturing the huge demand and rising opportunities for high performance electric sports cars and luxury EVs in China, thus is an important move in terms of the Group’s business strategy of building a complete value chain for EVs. Further details of the Cooperation Framework Agreement are set out in the announcement of the Company dated 30 March 2021. Putting the Group’s EV business in China into perspective, the “Apollo EV (China)” business unit was established during the Year. Apollo EV (China) debuted its activities with the unveiling of its first concept car Apollo EVision S in China International Import Expo in 2021. UME awarded the “Best of Best” in Automotive Brand Contest 2021 in Germany The Group’s urban delivery vehicle under its UME brand, developed by its German team, was awarded the title of “Best of Best” in the “Commercial” category in the Automotive Brand Contest 2021 organized by German Design Council. The UME, meaning “Utility Meets Electric”, is designed to be a cost and time effective tool to fulfill the last mile in the supply chain, constituting a green solutions package aiming at reducing carbon emissions of the transportation sector that is still prevalent in conventional fossil-fuel-powered light urban delivery trucks commonly used in developing countries. The UME can be open to numerous use-cases depending on the customer’s individual requirements. It consists of symmetric parts, essentially reducing the number of parts required to increase manufacturing cost-effectiveness by allowing the same tooling for multiple uses. Milestone participation in China International Import Expo 2021 The Group participated in CIIE held in November 2021 for the second consecutive year. This milestone participation reinforced the Group’s positioning as a developer of hypercars in the ICE vehicle segment and EVs in NEV segment. In CIIE 2021, the Group unveiled the latest concept car models for both ICE and NEV product lines for the Year and also showcased the latest cutting-edge mobility technology the Crate Powertrain demonstrator and the Mule Chassis, the all-carbon monocoque of the Apollo IE. The CIIE attracted participations of some 3,000 exhibitors from 127 countries and regions. Following the success of the Group’s participation in CIIE, the Group hosted APOLLO FIRE AND ICE showcase in Macau and a showcase themed “THE ULTIMATE SUSTAINABLE FUTURE OF MOBILITY” in Hong Kong in November and December 2021 respectively, where the Group reported progress of its latest innovations and gained positive feedback from industry peers, media and wider drivers community. Other Corporate Developments Enlarged shareholder base with a HK$374 million issuance of new shares During the Year, 812,596,000 Shares were allotted and issued to no less than six subscribers (the “Subscribers”) at a subscription price of HK$0.46 per Share for a total cash consideration, before expenses, of approximately HK$373,794,000 (the “Subscriptions”). The Subscriptions have strengthened the financial position of the Group and is expected to facilitate the Group’s efforts in exploring potential cooperation and future development of mobility businesses with different strategic partners. Further details of the Subscriptions are set out in the announcement of the Company dated 7 December 2020. EV Power welcomed investments from a listed telco giant In February 2021, EV Power Holding Limited (“EV Power”), an associate and a significant investment of the Group which is engaged in EV charging piles construction in Hong Kong and mainland China, completed the allotment and issue of certain preferred shares of EV Power to a Hong Kong-listed global telecommunications services provider. The Group took the lead to invest in EV Power in 2018 as part of its transformation into a mobility solutions provider and remains as the EV Power’s largest shareholder thereafter. EV Power is the largest charging point operator in the PRC in terms of number of charging sites in operation in residential areas. It operates over 7,000 charging sites and over 32,000 charging piles (or 55,000 charging bays) covering over 30 major cities in the country. With the increasing popularity of EVs, EV charging equipment is bound to become the focus of development in the industry, conferring enormous growth potential. The Group considers this a good opportunity for EV Power to establish a strategic partnership with the new investor and raise additional funds to finance its business operations and expansions to further cement EV Power’s foothold in the EV charging solutions industry. Further details of the investment by the said Hong Kong-listed global telecommunications services provider are set out in the announcement of the Company dated 25 February 2021. Raised HK$163.8 million through issue of convertible bonds On 8 September 2021 and 13 September 2021, the Group entered into agreements with several professional investors including, among others, the entities controlled by Mr. Li Ka Shing and Ms. Chau Hoi Shuen Solina Holly respectively for issuance and subscription of convertible bonds under a general mandate to raise HK163.8 million in aggregate (the “Subscriptions of Convertible Bonds”). The Group intends to apply the net proceeds from the issue for the investment in business opportunities to expand into the mobility technology solutions and related business, and as general working capital. The issuance represents a good opportunity to raise additional funds to strengthen the financial position and broaden the capital base of the Group and facilitate its future development. It is an appropriate means of raising additional capital since it will not have an immediate dilution effect on the shareholding of the existing shareholders. In the event that the convertible bonds are converted into shares of the Company, the Group can improve its capital base, benefiting its long-term development. Further details of the Subscriptions of Convertible Bonds are set out in the section headed “Issue of Listed Securities of the Company and Use of Proceeds” below and the announcements of the Company dated 8, 9 and 13 September 2021. WM Motor becoming the largest shareholder of AFMG After the reporting period, WM Motor Holdings Limited (“WM Motor”), a major player in China’s mainstream electric vehicle market, became the largest shareholder in the Group with 28.5% equity interest in AFMG via an array of share exchange arrangements. With WM Motor’s significant shareholding in AFMG, AFMG and WM Motor will be able to exploit synergies for the benefits of businesses of each other. WM Motor will be able to tap the EV design, advanced engineering expertise, proprietary technologies of AFMG with full support from the two bases in Germany, the EV platform support from GLM Co., Ltd. (a subsidiary of the Company) and the world's first 3D metal printing automotive manufacturing platform and assembly system from Divergent 3D, and solid experiences in serving the world’s Tier-1 automobile brands, for development of new EV models and product series and enhancing product quality. WM Motor’s established EV manufacturing facilities and distribution networks will be able to facilitate AFMG’s EV businesses in China. Other Legacy Businesses During the Year, the Group entered into an agreement to dispose of a subsidiary which mainly operates the business of property investment in Mainland China. The Directors believe that the disposal will enable the Group to avoid risks of uncertainty in its operations in the property market and the Group could focus its capital and management resources on further developing the Group’s more promising mobility technology solutions businesses. The Group plans to continue gradually phasing out its legacy businesses as part of its rebranding exercise. Further details of the disposal are set out in the section headed “Material Acquisitions or Disposals” below. Prospects: Judging from the trends in sales volumes and attitudes from Governments in adopting EVs, the NEV industry has accumulated strong momentum to grow even with the impact of delays brought by the Pandemic. As the prices of EVs continue to fall and more models become available, the world is approaching a pivot that will trigger even more rapid growth for EVs, with an improving market environment, to be participated by more countries around the world in the run-up to 2030. World Resources Institute considers that the accelerating EV adoption has been a result of a number of conditions ripen within a specific time period, including better infrastructure like more readily available charging stations, policy-driven incentives for EV purchases and charging infrastructure construction, and better battery and energy-efficiency technologies. These had made batteries cost less, resulting in more affordable prices for EVs, thereby making them more popular. There are increasing number of countries adopting initiatives to phase out ICE vehicles as part of their pledges to achieve zero emission. The Group will continue to ride on this improving EV adoption trend as it has cemented its positioning as a leader of accelerated innovation in the mobility industry. The Group accomplished this by empowering a global network of the best technical minds from Germany, Japan, China and other important mobility technology hubs in the world to deliver advanced solutions and proprietary technology to respond to a global demand to deliver a mobility transition that will define many generations to come. The Group delivers a full suite of services to the industry that accelerate innovation, ranging from design, engineering, simulation, prototyping, prototype testing to all the way to pre-production prototypes. As the Group’s engineering expertise and capacity ramp up in the base campuses in Germany, it continues to expand footholds in its ESO businesses by reinforcing businesses with existing OEM customers while exploring opportunities with new clients, both from the league of established automobile brands and the emerging group of other companies aspiring to enter into the EV industry. The Group will also continue to develop its proprietary technologies including the new generation SiC dual power 800V inverter system and the Crate Powertrain to reinforce its leadership position in this area. As far as hypercar production is concerned, the Group has reacted positively to feedback from end-user driver customers to distill its world-leading expertise in the development of performance automotive platforms into hypercar models that interpret the very peak and zenith of latest era of performance mobility. The Group looks forward to delivering this ultimate expression of naturally aspirated performance machines, via Apollo Project EVO for the ICE segment and the Apollo EVision electric sports coupe for the EV segment, to the well-defined and prestigious customer base, including but not limited to the young, affluent Chinese consumers with a taste for immersive high-performance motorsports. WM Motor’s participation will take the Group’s ESO and NEV businesses to the next level with their established branding, commercial production capacities, marketing, and distribution resources. Meanwhile, the Group’s cutting-edge design, engineering backing, proprietary technologies, and exquisite experiences in serving Tier-1 auto brands will elevate WM Group’s products design and quality, and branding. We look forward to exploiting further synergies with WM Group to tread deeper into the NEV industry chain and establish stronger footholds for both of us in the NEV industry in China and overseas markets. The Group will continue to study feasibility of working more closely with its business partners, OEM customers and other stakeholders to unlock further potential from the changing product development and manufacturing landscape brought by the advent of the EV evolution.

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