Shanghai (Gasgoo)- According local media, Cheng Changqing, former managing director of Goldman Sachs China's investment banking division, officially joined the Chinese EV startup BYTON as co-president who will take charge of the startup's capital market and investor relations’ management.
BYTON plans to complete a Series B round financing in the first half this year. This big name's participation will undoubtedly enhance the startup's overall capital raising capability.
According to an insider from BYTON, Cheng Changqing owned twenty-year working experience in investment and financing areas. He had worked at Goldman Sachs China's investing banking division as managing director and at Standard Chartered Bank's investment banking division in China as CEO. Before that, he had held posts as senior executives at Chase Manhattan Bank, Toronto-Dominion Bank, MetLife Insurance, Peugeot, etc.
Cheng had successfully orchestrated $10 billion of financing and M&A (merger and acquisition) transactions. In 2004, he helped China Petrochemical Corporation (Sinopec Group) accomplish a $ 3 billion acquisition which was the Chinese enterprises' biggest M&A case in Africa of that moment.
Some analysts thought Cheng Changqing's abundant human resources will be conducive to BYTON's financing for its vehicle-building business.
BYTON had completed a Series A round financing last year. Currently, its main shareholders include BYTON's startup management team, Harmony Auto, Leaguer Auto, Legend Capital, Chengtun Group and an industrial investment fund led by the Fullshare Group, etc.
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