Apollo Mobility’s downstream expansion sputters with acquisition collapse
Luxury smartcar maker Apollo Future Mobility Group Ltd. (0860.HK) said on Monday that its proposed acquisition of Golden Jumbo Ltd. lapsed after failing to meet all conditions by the deal’s deadline.
Golden Jumbo operates an automotive dealership business in Hong Kong, which Apollo was set to purchase for HK$120 million ($15.38 million), according to an announcement of the deal in June.
At the time, Apollo said the acquisition would extend its mobility platform from product development and technology solutions into downstream retail and consumer engagement, bolstering its commercial presence and market position in the high-end mobility sector.
Shares of Apollo Mobility opened flat on Tuesday, and later rose during the morning and were up 3.1% at HK$0.835 at the midday break. The stock is down over 10% from its 52-week high.
By Lau Chi Hang
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