Chinese smart EV maker Leapmotor will list on the main board of Hong Kong, aiming to raise 1 billion USD.
Chinese intelligent EV maker Leapmotor (Chinese: 零跑汽车) is aiming to raise 1.03 billion USD in a Hong Kong initial public offering (IPO), and the trading will start on September 29. The company will sell 130 million shares at the price of HKD 48 to HKD 62 per share.
Leapmotor’s IPO process took six months longer, and finally obtained the Approval in Principle (AIP) from HKEX on September 20. On March 17, Leapmotor applied for an initial public offer (IPO) in Hong Kong and passed the IPO hearing on August 27. From the perspective of vehicle shipments, In 2021, Leapmotor delivered more than 40 thousand vehicles representing a growth up to 444% year on year. As one of the fastest-growing companies among the leading EV makers in China, Leapmotor is to become the fourth Chinese NEV maker, following NIO, Li Auto, and Xpeng, to go public in Hong Kong.
Leapmotor, founded in 2015, is a Hangzhou-based smart car manufacturer. Up to now, Leapmotor has completed six rounds of financing, cumulating at least 12 billion CNY. Its institutional investors include Sequoia China (Chinese: 红杉中国), China Capital; Investment Group (Chinese: 中金资本), Hangzhou Municipal Government Venture Capital Fund (Chinese: 杭州市政府创投基金), CTIC Capital (Chinese: 中信资本) and SDIC Chuangyi (Chinese: 国投创益).
The funds raised will be mainly used for product R&D, improving production capacity, and enhancing brand awareness.