February 16, 2022
Hozon New Energy Automobile Co., a startup that makes affordable electric vehicles, has picked banks including China International Capital Corp.and Citic Securities Co.for an initial public offering in Hong Kong.
The IPO could raise about $1 billion.
The Zhejiang-based company is seeking to raise about $500 million ahead of the IPO at about a $7 billion valuation, Bloomberg News reportedlast month.
Hozon is operating in an already crowded field, facing competitors such as Nio Inc., Li Auto Inc.and XPeng Inc.
The company, whose cheapest model costs less than a third of Tesla Inc.‘s most affordable sedan in China, is bettingon rising demand for EVs in the country’s rural areas.
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