Hozon is reportedly in the midst of a new funding round of at least $800 million and up to $1 billion.
Chinese EV startup Hozon New Energy Automobile, which owns the Neta brand, is in the process of raising a new round of funding of at least $800 million and up to $1 billion, Sina reported today, citing people familiar with the matter.
The financing comes on the heels of an RMB 4 billion Series D1 round led by Qihoo 360, China's largest cybersecurity company, and a Pre IPO round for Hozon ahead of its Hong Kong IPO, according to the report.
Hozon's sources said they have not yet heard the news. But they also stressed that this does not serve as an official statement, the report said.
Hozon was founded in October 2014 and owns Neta Automobile, an electric vehicle brand.
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.
(Image credit: Neta)
At the end of last month, Neta announced the completion of RMB 4 billion in Series D1 financing, with Qihoo 360 leading the 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 has been initiated and will close soon.
Bloomberg reported last week that Hozon was considering an IPO in Hong Kong that could raise about $1 billion.
Hozon is working with advisers on the matter, and the IPO could happen as early as next year, the report said.
The company previously considered a Nasdaq-style STAR board listing in Shanghai, but then Chinese regulators stepped up scrutiny of potential post-IPO options for high-tech components, causing a large number of companies to abandon the plan, the report said.
Chinese EV startup Hozon reportedly considering $1 billion HK IPO