Chinese electric vehicle maker WM Motor is planning to buy shares of Apollo Future Mobility Group Limited, a Hong Kong listed firm, for a back-door stock market listing, state-owned media outlet Jiemian reported on Monday, citing people familiar with the matter. A Jiemian source added that the move will be announced soon, as the prospectus for an initial public offering in Hong Kong by the EV maker has been deemed invalid. The company, founded by former Geely executive Freeman Shen, implemented a company-wide salary cut last month to control spending and conserve cash, after reporting disappointing deliveries of 44,152 vehicles and a major loss of RMB 8.2 billion ($1.17 billion) in 2021. [Jiemian, in Chinese]