Chinese language EV-maker Hozon to boost US$1bn in Hong Kong
Chinese language electrical automobile (EV) start-up Hozon New Power Car is trying to elevate US$1bn in an preliminary public providing (IPO) in Hong Kong, in response to native stories citing folks with data of the matter.
Zhejiang-based Hozon sells three EV fashions in China below the Neta model, with costs beginning at below US$10,000. The corporate is trying to faucet into rising demand for EVs in smaller cities and cities the place affordability is decrease. It offered a complete of 41,400 EVs within the first 9 months of 2021.
Hozon is certainly one of a variety of Chinese language EV startups, together with WM Motor and Leapmotor, contemplating itemizing in Hong Kong to boost funds slightly than in abroad markets such because the Nasdaq within the USA attributable to rising tensions between China and the USA. The corporate, backed by an funding arm of the town of Yichun in central Jiangxi province, is alleged to be trying to launch the IPO early subsequent 12 months.
Each Hozon and WM Motor had beforehand thought of itemizing their shares on Shanghai’s Nasdaq-style Star board, earlier than Chinese language regulators stepped up scrutiny of the hi-tech credentials of potential IPO firms. Each shelved their plans to record in Shanghai consequently, together with scores of different firms.