NETA Auto signs MOU with HKSTP, establishing international headquarters in Hong Kong

HONG KONG, Sept. 1, 2023 /PRNewswire/ -- NETA Auto and the Hong Kong Science & Technology Parks Corporation (HKSTP) held a Memorandum of Understanding (MOU) signing ceremony on August 31 in Hong Kong, where Evonne Ching (Chief Investment Officer of NETA Auto), and Albert WONG Hak-keung (CEO of HKSTP), signed an MOU. Sun Dong (HK's Secretary for Innovation, Technology and Industry), Lillian Cheong Man-lei (Under Secretary for Innovation, Technology and Industry), Philip Yung (Director-General of HK's Office for Attracting Strategic Enterprises), Sunny Chai Ngai Chiu (Chairman of HKSTP), Ouyang Minggao (CPPCC Standing Committee member, CAS academician, Tsinghua University professor and Vice Chairman of the Academic Committee of Tsinghua University), and Fang Yunzhou (founder and chairman of NETA Auto), witnessed the moment.

Development of EV startups like NETA Auto is driven by China's leading new energy sector. Upholding the original aspiration "make intelligent EVs for all", this startup has been committed to making quality intelligent EVs accessible with the company value "tech for all". Its products have covered all types of EVs, ranging from A0-class to B+-class cars. The company also released forward-looking technologies such as the Shanhai Platform, Tiangong Battery and HOZON Intelligent Technology 2.0, signifying advancement of its future-ready technology system. Furthermore, it accelerates its globalization strategy and has tapped into markets in ASEAN, South America and Middle East with over 320,000 global users.

"As an important booster of China's auto sector, NETA will work with HK government under the MOU to support China's strategic emerging industries and make China-made new-energy vehicles available in the world," noted Fang Yunzhou.

As NETA Auto has advanced in product, technology and internationization after years of development, which is now embracing a new stage of global development, HK becomes its first-choice access to enhance international cooperation. Under the MOU, the company will gain an edge to unleash its investment potential and fit into global value chains leveraging HK's status as an international business hub, while stepping up efforts to go global.

Sun Dong said: "As a focus in world's technology industry, new-energy vehicle sector has the edge to connect all sectors across the industrial chain, attracting all sorts of cutting-edge technology R&D projects. HK government is resolute in building HK into an international I&T center, with a vision for high-quality development and new industrialization."

Under the MOU, NETA Auto will establish an international headquarters at the HKSTP. It also plans to invest approximately RMB3.2 billion in five years, building an over-40,000sqft intelligent R&D center and a big data center, and hire some 600 R&D staff. By doing so, it aims to attractive more I&T talents to the HKSTP to help connect HK with mainland China based on industrial chain. In addition, NETA Auto will seek a US$200 million equity investment. Gathering over 13,000 researchers and nearly 1,400 I&T firms with over 300 partners and a complete I&T ecosystem, the HKSTP, which has shored up over 10 unicorn companies, will drive business growth for NETA Auto with its rich experience.

The partnership will advance NETA Auto from a Chinese carmaker into a global tech company. Moreover, it will uplift the value of Chinese auto brands worldwide, while enhancing global impact of China's auto sector in intelligentization and new energy segments.

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