By P.R. Venkat
Zhejiang Leapmotor Technology Co. is planning to raise over 8.11 billion Hong Kong dollars ($1.03 billion) in an initial public offering to join a list of other Chinese electric vehicle makers tapping the Hong Kong market.
The company is planning to sell 130.82 million H shares, which are being marketed at a price range of between HK$48.00-HK$62.00 each, Zhejiang Leapmotor said Tuesday.
Zhejiang Leapmotor primarily focuses on the mid- to high-end segment of China's new energy vehicle market, which has been growing rapidly in recent years.
Many Chinese EV makers including those listed in the U.S. such as Xpeng Inc. and NIO Inc. have recently listed on the Hong Kong exchange.
Zhejiang Leapmotor expects to finalize the IPO price on Sept. 23, with an aim to start trading from Sept. 29, the company said.
Proceeds from the offering will be used toward R&D and business expansion.
JP Morgan, Citigroup and CICC are among the banks advising Zhejiang Leapmotor on the IPO.
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