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Lee Soo Man, the founder of SM Entertainment Co. Ltd., is reportedly starting fresh in China after investing in a drone manufacturing company in China. He is leading a group of investors that collectively invested $23 million in EHang, which is currently one of the leading autonomous aerial vehicle (AAV) technology platforms in the world.
With this venture, the SM Entertainment founder, who is also a former chief producer in the company, is said to be starting a new chapter in his business career. This investment follows after he was ousted by executives from his own company a few months ago.
Representing his investor group, Lee Soo Man signed a deal to acquire an unknown amount of shares in the Chinese AAV company. Ehang itself revealed the investment on Wednesday, July 12. The drone maker is currently listed on the Nasdaq stock exchange, and as of Tuesday this week, it was trading at $15.5 per share.
According to Korea Joongang Daily, while the former SM Entertainment chief is confirmed to have invested in Ehang, the exact amount of his contribution as a solo investor was not specified. In its statement, the China-based firm said that as part of the agreement, Lee will cooperate with them to “drive the development of Urban Air Mobility business in Asian Pacific regions.”
Moreover, aside from this business endeavor, it was reported by the Chinese media that Lee is also set to hold auditions in Beijing and will be recruiting teen talents. He is believed to have gone to China with his team to carry out various business activities there.
“I look forward to the convergence of cutting-edge transportation technologies and popular culture to create sustainable value, and I am proud to be part of it,” Ehang quoted the 71-year-old executive as saying about their partnership.
The Korea Economic Daily reported that with its new deal with Lee Soo Man, EHang said it will develop urban air mobility (UAM) projects in the Asia-Pacific. The UAMs are being described as the next-generation mode of transportation, which is now commonly known as the drone taxi.
Photo by: SM Entertainment Website
