Human Horizons initially planned to go public in the US, but has now shifted its listing to Hong Kong, the report said.
(Image credit: HiPhi)
Human Horizons, the Chinese electric vehicle (EV) maker with the premium HiPhi brand, is considering an initial public offering in Hong Kong as soon as this year, Bloomberg said today, citing people familiar with the matter.
The company is working with UBS and Morgan Stanley on a potential IPO that could raise about $300 million to $500 million, the report said.
The automaker initially planned to go public in the US but has now moved the listing to Hong Kong, the report said, adding that deliberations are still underway and details such as the amount and timeline of the fundraising could change.
Human Horizons was founded in 2017 and is based in Shanghai. Its HiPhi brand launched its first model, the HiPhi X, in October 2020, with deliveries officially starting in May 2021.
The Chinese car brand has been focusing on cars priced below RMB 200,000. With the rapid growth of the electric vehicle industry in China, startups including NIO, Li Auto and XPeng are trying to enter the higher-priced market.
Among them, NIO is the car company with the most significant success in the high-end market in China, with its lowest-priced model currently on sale starting at RMB 358,000 for the NIO ES6 and the higher-priced NIO ES8 SUV starting at RMB 468,000.
In contrast, Human Horizons is more ambitious, with the HiPhi X starting at RMB 570,000 for the six-seat version and up to RMB 800,000 for the four-seat version.
HiPhi sold 919 vehicles in December, up 20.5 percent from 763 units in November, figures released by the brand last week showed.
Since deliveries began in mid-May last year, the brand's first model, HiPhi X, has sold a cumulative total of 4,237 units, with 3,724 units delivered from July to November, it said.
HiPhi is the top-selling EV for luxury brands priced above RMB 500,000 in the second half of 2021 for the first time in the history of the Chinese brand, it said.