Hozon Auto, China EV maker, appoints banks for $1B Hong Kong IPO

Hozon Auto, the renowned Chinese EV manufacturer, is charging ahead with plans for an IPO in Hong Kong. 🚗💨

• Banking on Big Names: Hozon has enlisted the expertise of China International Capital Corporation (CICC) and Morgan Stanley to guide them through the IPO journey, according to knowledgeable insiders.

• IPO Stakes: While the valuation of the IPO is still under wraps, local Hong Kong media estimates suggest it could rake in $1B.

• Pre-IPO Fundraising: Before taking the IPO leap, Hozon announced a substantial pre-IPO fundraising effort, amassing 7B yuan. This announcement was made through a social media statement.

• IPO Timeline: The timeline for the IPO is currently fluid, with no specific dates on when the listing will occur.

• Future Ventures: Having made a name for itself in the realm of EVs, Hozon's ambitions don't stop at the local market. Hozon has been successfully exporting its Neta EVs to Southeast Asian countries such as Thailand, Myanmar, and Nepal, having exported a total of 6,970 cars in H1 of this year alone. The firm has plans to start selling its Neta-branded EVs in Indonesia from Q4 2023.

• Manufacturing at Home and Abroad: Founded in 2014, Hozon now operates two factories in China with a combined annual capacity of 150,000 units. The company is also making inroads internationally with its first overseas plant in Thailand, set to commence production in January 2024.

This rapid acceleration into the future of EVs shows no signs of slowing. Keep your eyes on the road! 👀🚀