Electric-vehicle maker Zhejiang Leapmotor Tech has reportedly won approval from the Hong Kong stock exchange’s listing committee for an IPO, in which it aims to raise between $1 billion and $1.5 billion, according to the IFR.
The company will start an investor education process next week and is targeting September for the deal launch, although the timetable could still change as it is subject to market conditions, said the report.
If successful, Leapmotor will be the fourth Chinese EV maker to list in Hong Kong in the past 18 months. Li Auto and XPeng raised $1.7 billion and $2.1 billion in August and June 2021, respectively, and Nio listed in Hong Kong in March by way of introduction, which did not entail any fundraising. All three companies are also listed in New York.
Joint sponsors of the deal are CICC, Citi, JPMorgan and CCB International.