Hozon is working with advisers on the matter, and the IPO could happen as early as next year, Bloomberg reported.
(Image credit: Neta)
Hozon New Energy Automobile, which owns the Neta brand, is considering a Hong Kong IPO that could raise about $1 billion, Bloomberg reported today, citing people familiar with the matter.
Hozon is working with advisers on the matter, and the IPO could happen as early as next year, the report said.
The company had previously considered listing in the Nasdaq-style STAR board in Shanghai, but Chinese regulators stepped up scrutiny of the high-tech components of potential IPO candidates, causing a large number of companies to abandon the plans, the report said.
Hozon was founded in October 2014 and owns the EV brand Neta Automobile.
Neta offers three models in China, the Neta V, NetaV Pro, and Neta U Pro, with the Neta V priced from RMB 59,900 ($9,390) to RMB 75,900.
At the end of last month, Neta announced the completion of an RMB 4 billion Series D1 round of financing led by Qihoo 360, China's largest cybersecurity company, with an RMB 2 billion investment.
Qihoo 360 participated in two consecutive rounds of financing for Neta, investing a cumulative RMB 2.9 billion, Neta said at the time, adding that its next round of financing had been initiated and would close soon.
Neta delivered 8,107 units in October, up 294 percent year-on-year and up 5.3 percent from September, it said. Its total deliveries for the year reached 49,534 units, up 398 percent from a year ago.
Neta announced on Wednesday that it signed a strategic cooperation framework agreement with Thailand's PTT Public Company Limited to jointly develop the local market.
This is also the first time it has explicitly made Thailand its first stop after announcing two months ago that it will enter the ASEAN NEV market.
Chinese EV startup Neta makes Thailand first stop for overseas expansion
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