Vmoto (ASX:Vmoto) has purchased strategic patents from Soco Shanghai, with a total cash consideration of RMB13.5 million.

The acquisition will be funded from Vmoto’s existing cash reserves.

This strategic purchase is designed to de-risk the company’s international growth strategy.

Vmoto’s Nanjing manufacturing branch has successfully bid to acquire these patents for various models of Super Soco Intelligent Technology (Shanghai).

The transfer of ownership for these patents is expected to conclude in November, 2023.

Vmoto is a global electric scooter manufacturing company headquartered in China and traded on the Australian Stock Exchange.