Leapmotor calls market speculation false after report on shelved Hong Kong IPO

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Chinese electric vehicle maker Zhejiang Leapmotor Technology said the market speculation about its IPO is false and the company is proceeding with the listing in an orderly way, according to Chinese tech news outlet LatePost.

Earlier on Friday, Reuters reported that Leapmotor has shelved a plan to raise $1.5 billion through a Hong Kong IPO because of lukewarm investor interest.

Bankers and advisers had hoped a deal of the size planned by Leapmotor, which would have been Hong Kong’s largest IPO so far in 2022, would revive the city’s flagging new issue market, but instead, the deal has been put on hold and Leapmotor is considering cutting the size of the transaction, the report said.