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Chinese EV maker Hozon appoints CICC and Morgan Stanley for $1 billion Hong Kong IPO. Credit: TechNode/Eugene Tang
Hozon, a Chinese electrical car producer, has engaged China International Capital Corporation (CICC) and Morgan Stanley to help with its IPO in Hong Kong, in keeping with a September 1 report by Reuters, citing sources conversant in the matter. Hozon may increase to $1 billion within the itemizing, the report stated. On August 31, Hozon introduced the completion of a crossover funding spherical of RMB 7 billion ($960 million). The actual scale of the general public providing has not but been confirmed, as the corporate remains to be within the early levels of preparation, sources advised Reuters. The particular timetable has not been set, and extra banks might be part of the syndicate overseeing the IPO as the method advances, the sources added. Established in 2014, Hozon presently operates two factories in China with a mixed annual manufacturing capability of 150,000 items. In the primary seven months of 2023, the corporate delivered a complete of 72,456 EVs. [Reuters]
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