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Lee Soo Man is just the chap for EHang
In addition to the private placement, EHang and music producer Lee Soo Man will drive the development of urban air mobility (UAM) business in the Asia Pacific region, leveraging both parties' complimentary strengths.

EHang Holdings Limited, an autonomous aerial vehicle (AAV) technology platform company, has entered into share subscription agreements for a total of US$23,000,000 private placement with several strategic investors led by Lee Soo Man, a renowned South Korean music producer, entrepreneur and the founder of K-pop and SM Entertainment, a South Korean leading multinational entertainment company listed in KOSDAQ (041510).

The company will receive a deposit of 80 per cent of the aggregate purchase price for the proposed placement from the investors in three business days. The transaction is expected to close in the third quarter of 2023, subject to regulatory review and customary closing conditions. The issuance of the Class A ordinary shares for the private placement will be made outside the United States in accordance with Regulation S under the Securities Act of 1933, as amended. The Class A ordinary shares to be issued will be restricted securities and may not be resold without registration or an exemption from registration under US federal and applicable state securities laws.

In addition to the private placement, EHang and Lee Soo Man will collaborate to drive the development of urban air mobility (UAM) business in the Asia Pacific region, leveraging both parties' complimentary strengths.

The gross proceeds from the placement will be allocated by EHang for working capital and general corporate purposes, enabling acceleration of its strategic plans for technology advancement, business development and post-certification commercial operations. This will further solidify EHang's position as a leader in the global UAM industry.

Huazhi Hu, EHang's founder, chairman and chief executive officer, expresses his excitement about the investment and partnership, stating: “I was impressed by Lee's interest and passion towards innovative technologies, future air mobility and our autonomous aerial vehicles. We are thrilled to have long-term strategic investors and partners, such as Mr. Lee, who share the same values and commitment in our journey. The placement and partnership are testaments to the trust and belief in EHang's vision and prospects, propelling the company into our next phase of growth.”

The lead investor Lee Soo Man also conveys his enthusiasm and positive outlook for the future: “I appreciate EHang's unwavering dedication to enabling safe, autonomous and eco-friendly air mobility for the general public, as the first mover and a leading innovator in the emerging UAM industry with great potential. I'm excited to embrace opportunities and contribute to its growth through investing and collaborating with EHang as a long-term investor. I look forward to the convergence of cutting-edge transportation technologies and popular culture to create sustainable value, and I'm proud to be part of it.”

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