Zhu Jiangming and Fu Liquan, who founded the company in 2015, own 30.01% of the company together with their wives. According to the application, the company produces smart EVs in Jinhua, a city in Zhejiang province, with an annual capacity of 200,000 units.
Sequoia Zhisheng Capital, which is ultimately managed by Sequoia China partner Zhou Kui, owns approximately 4% of the company.
Funds Raised by IPOs in Hong Kong Stock Exchange Crash 92.5% in the first half It remained at US$2.3 billion, the lowest level since the same period in 2003.
A successful IPO by Leapmotor could pave the way for other companies waiting in the pipeline, including: WM Motor backed by Baidufiled for listing in June with the aim of raising around US$1 billion, according to media reports.
Both WM Motor and Leapmotor were reportedly considering listing on the Shanghai Stock Exchange’s technical committee, Star Market, before choosing Hong Kong.
UBS forecasts that three out of every five new cars sold in China will be battery-powered by 2030.
Leapmotor’s IPO comes as five of the country’s largest EV makers, including US-listed Trio, BYD and Huawei. Development of new models Better batteries and new features will set customers apart from foreign rivals Tesla.
Leapmotor plans to use IPO proceeds to research and develop new EV models and upgrades to new technology.
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How a mountain town in China became a ‘Tesla village’
It reported a net loss of 2.8 billion yuan last year, widening from net losses of 1.1 billion yuan and 901.1 million yuan in 2020 and 2019, respectively, the draft filing shows.
Co-sponsors of the transaction are CICC, Citi, JP Morgan and CCB International. They were not immediately available for comment on Friday.
