Business Context and Reporting Period
Company: LOBO EV TECHNOLOGIES LTD.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Date: December 30, 2024
Primary Business: Design and manufacture of two-wheeled, three-wheeled, and off-highway four-wheeled electric shuttles in China.
Key Financial Metrics and Transactions
This filing reports specific asset disposal transactions rather than full-period financial statements. The following proceeds were received:
- Disposal of Wuxi Jinbang Electric Vehicle Manufacture Co., Ltd.: Beijing LOBO (wholly-owned subsidiary) sold its 85% stake for RMB 9,180,000.
- Disposal of Guangzhou LOBO Intelligent Technologies Co. Ltd.: Jiangsu LOBO (wholly-owned subsidiary) sold its wholly-owned subsidiary for RMB 18,000.
Financial Statements: The filing references audited financial statements for the year ended December 31, 2023, and six months ended June 30, 2024, incorporated by reference. Unaudited pro forma financial information regarding these disposals is filed as Exhibit 99.1. Specific revenue, profit, cash flow, margin, debt, or liquidity figures for the current period are not provided in this text.
Material Changes
The primary material change is the divestiture of two subsidiaries:
- Completion of the sale of Wuxi Jinbang Electric Vehicle Manufacture Co., Ltd. on December 30, 2024.
- Completion of the sale of Guangzhou LOBO Intelligent Technologies Co. Ltd. on December 10, 2024.
Both transactions were approved by the Board of Directors and valued by a third-party advisor.
Guidance, Outlook, and Risks
Outlook: Management confirms the main business focus in China remains on the design and manufacture of electric vehicles (two-wheeled, three-wheeled, and off-highway four-wheeled shuttles).
Unusual Items: The filing details the receipt of valuation reports for the disposed entities. No specific forward-looking guidance, risk factors, or contingencies beyond the completion of these sales are detailed in this text.
Investor Verification Checklist
- Review Exhibit 99.1 for the Unaudited Pro Forma Condensed Combined Financial Statements to assess the impact of the disposals on the company's financial position.
- Verify the use of proceeds from the RMB 9,180,000 and RMB 18,000 sales.
- Confirm the strategic rationale for divesting Wuxi Jinbang and Guangzhou LOBO while maintaining the core electric vehicle manufacturing business.
- Check the third-party valuation reports referenced to ensure fair value was received for the disposed assets.