Ecarx, an in-car software system supplier backed by Geely and Baidu, is weighing up a merger with a US-listed special purpose acquisition company (SPAC) that could value it at as much as $4 billion, Bloomberg reported Wednesday citing people with knowledge of the matter. The company also plans to reach out to Chinese regulators over approval for the potential deal the sources said, following new rules introduced in December to extend government oversight of offshore listings by Chinese firms. Co-founded by Geely chairman Li Shufu, Ecarx raised $194 million in a Series A led by Baidu in late 2020. [Bloomberg]
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