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Chinese language EV startup Hozon recordsdata kinds to drift on HK stock market

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Chinese language EV maker Hozon appoints CICC and Morgan Stanley for $1 billion Hong Kong IPO.
Credit ranking: TechNode/Eugene Tang

China’s Hozon Auto on Wednesday lodged its prospectus with the Hong Kong securities regulators, hoping to turn into a publicly traded electrical vehicle maker within the nation following similar listings from mainland counterparts NIO, Xpeng Motors, Li Auto, and Leapmotor. The 10-year-damaged-down EV startup delivered 300,000 cars to customers as of closing September, with 5 models on sale, including the smaller and more payment range crossovers Neta Aya and X, and more top class sports sedans Neta S and GT. Even despite the incontrovertible fact that Hozon delivered 124,189 automobiles closing year, roughly 27,000 units fewer than a year earlier, earnings rather increased 4% year-on-year to nearly RMB 13.6 billion ($1.87 billion) in 2023, thanks to the firm promoting more top class merchandise at larger prices. Nonetheless, the Shanghai-headquartered firm posted a RMB 4.84 billion loss for 2023 after losing RMB 6.7 billion a year earlier, ensuing in a harmful tainted margin of 14.9% as of closing year, in step with the prospectus filed with the Hong Kong Exchanges and Clearing. The firm is attempting to take $1 billion from the checklist, Reuters reported closing September. [Hozon prospectus, in Chinese]

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