China Liberal (NASDAQ:CLEU) Surges on LOI to Acquire EV Maker Aiways

Shares of China Liberal Education Holdings

are surging today after the company signed a non-binding letter of intent to acquire Aiways Holdings. The latter manufactures electric vehicles. The terms of the LOI indicate a valuation between $5 billion and $6 billion for Aiways. At present, both companies are conducting due diligence reviews and working towards a definitive agreement. Aiways currently target the mid-price new electric vehicle (NEV) segment in China and the EU. Its plant in China presently has an annual capacity of 150,000 vehicles.