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Sept. 28, 2022, 10:41 p.m. EDT

Chinese EV Maker Leapmotor Skids in Hong Kong Debut

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Shares of Zhejiang Leapmotor Technology Co. dived in their Hong Kong debut, after the Chinese electric-car maker raised US$772 million in net proceeds during a tough time for public offerings.

The stock was last down 28% at HK$34.55 (US$4.40) after falling as much as 33%. The company had set its offering price at HK$48.00 a share, at the bottom of its HK$48.00-HK$62.00 indicative range.

The Hangzhou-based company plans to use the offering proceeds to invest in research and development, enhance production and expand its sales networks.

Leapmotor's initial offering, though under-subscribed in Hong Kong, was still one of the Asian financial hub's largest share sales this year. Globally, IPO volumes have been tepid as investor appetite for riskier, high-growth assets is curbed by rising interest rates.

Write to Yifan Wang at yifan.wang@wsj.com

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