Leo Group’s $50 Million SpaceX Investment Hits a Wall

leo groups 50 million spacex investment hits a wall

Sumary of Leo Group’s $50 Million SpaceX Investment Hits a Wall:

  • A Chinese internet services and manufacturing company’s high-profile plan to invest in billionaire Elon Musk’s aerospace company SpaceX hit a wall as a partnership formed for the investment fell apart.
  • Shanghai-based Leo Group (002131.SZ) said Thursday that it received a $50 million refund from Tomales Bay Capital Anduril III L.
  • (TBCA), its partner for the planned investment in SpaceX, without elaborating.
  • TBCA is general partner of the fund, which is under management by American investment firm Tomales Bay Capital.
  • A Caixin call to Tomales Bay Capital on the matter was not answered.
  • The shares surged more than 20% after Leo announced the investment plan.
  • The Leo investment plan attracted the attention of the Shenzhen bourse regulator.
  • Two days after Leo’s announcement, the Shenzhen Stock Exchange ordered the company to explain the investment in detail, including more information about TBCA’s funding, structure and exit mechanism, as well as any pending issues related to the investment.

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