Kymco Capital Completes Capital Increase to Take Controlling Stake in Aionex, Launching Phase Two Expansion in Thailand

January 14, 2026, 15:24Taipei — Economic Daily News | Reported by Sun Jing-yuan

Entering its third year in the Thai market, Kymco Capital today announced the successful completion of fundraising for its eighth investment fund, along with a capital increase in Thailand-based Aionex and a restructured board of directors. Following the transaction, Kymco Capital will become the controlling shareholder of the multinational joint venture, further reinforcing its commitment to Thailand and the broader Southeast Asian market.

Leveraging its strengths in capital operations and industrial integration, Kymco Capital plans to accelerate the development of a comprehensive electric two-wheeler ecosystem across Southeast Asia, supporting Thailand’s transition toward a fully green energy future.

Amid rising global protectionism and the restructuring of supply chains, Kymco Capital has consistently adhered to an industry-integration business model over the past 15 years, striving to build next-generation capital platforms. Since its founding in 2011, the firm has grown its assets under management to over NT$100 billion. Its investments focus on core technologies including electric vehicles, connected vehicles, artificial intelligence, batteries, and energy management, with a geographic footprint spanning Taiwan, the United States, mainland China, Southeast Asia, and Japan. Kymco Capital’s primary strategy involves forming joint ventures with governments and state-owned enterprises to drive industrial upgrading, global sustainability, and supply-chain integration.

Since 2019, Kymco Capital has made strategic investments in Southeast Asia’s leading mobility platform Grab, with the two parties establishing a joint venture in Indonesia to expand regionally. In 2022, Kymco Capital partnered with Harley-Davidson to support the listing of its electric motorcycle brand LiveWire on the New York Stock Exchange (NYSE). In 2023, Noodoe, a portfolio company managed by Kymco Capital, received strategic investment from ABM, North America’s largest infrastructure services provider, strengthening its presence in the North American market.

That same year, Kymco Capital formed a joint venture with PTT Group to establish Aionex in Thailand, supporting the country’s ambition to become a manufacturing hub for electric vehicles in Southeast Asia. In September 2025, Kymco Capital successfully completed fundraising for its eighth fund, the “Kymco Global Fund,” which focuses on Southeast Asia. The fund’s investors include major mobility industry players from multiple Southeast Asian countries. Through this fund, Kymco Capital will further complete the strategic integration of Aionex, positioning it as an electric vehicle solutions enablement platform and strengthening the region’s EV ecosystem.

According to sources, following the capital increase, Kymco Capital’s shareholding in Aionex has risen to 55%, making it the controlling shareholder, while Arun Plus will retain a strategic 25% stake. Hsueh-wen Ting, CEO of Aionex, stated that the adjustment represents a strategic upgrade in deployment.

“This move not only reinforces the inclusive platform strategy of Aionex, but also ensures that Arun Plus remains a critically important partner, continuing to provide strong infrastructure and resource support,” Ting said. “The successful fundraising of Kymco Capital’s new fund and the increased investment demonstrate our unwavering commitment to Thailand and Southeast Asia. By combining technology transfer with innovative capital models, and through investments made by the Global Fund, we aim to work with regional enterprises and startups to build a world-class electric two-wheeler ecosystem across Southeast Asia.”

“Kymco Capital and PTT Group jointly established Aionex in 2023. A delegation from Indonesia’s state-owned oil company previously visited for an exchange. Photo courtesy of Kymco Capital.”