Leapmotor plans to launch 1-3 new models each year in the next few years and a total of eight new models covering sedans, SUVs and MPVs by the end of 2025.

Zhejiang Leapmotor Technology is applying to list in Hong Kong and has filed the first version of its prospectus, according to information published on the website of the Hong Kong Stock Exchange on Thursday.

Co-sponsors for the company's initial public offering (IPO) include China International Capital Corporation (CICC), Citi, JPMorgan Chase and CCB International.

The initial version of the prospectus did not disclose the number of shares Leapmotor hoped to issue or the amount of money it planned to raise. Last October, Bloomberg said the company's Hong Kong listing could raise at least $1 billion, citing people familiar with the matter.

Leapmotor was founded in 2015 and currently sells the T03, a minivan, the S01, a coupe, and the C11, its flagship SUV.

The company delivered 43,748 electric vehicles in 2021, an increase of 443.5 percent from 2020, its prospectus said.

Leapmotor files for Hong Kong IPO, aims to launch eight new models by 2025-CnEVPost

However, it's worth noting that this is inconsistent with the figures it previously announced. The company said in January that it delivered 43,121 units in 2021, up 278.6 percent year-on-year.

Leapmotor said in its prospectus that the company is focused on the mid- to high-end mainstream new energy vehicle (NEV) market in the RMB 150,000 ($23,637)-300,000 yuan range.

This means that the company may add more high-end models to its portfolio in the future, as its main selling model, the T03, currently has a price range of RMB 68,900 - 84,900 and the C11 is RMB 159,800 - 199,800.

Leapmotor files for Hong Kong IPO, aims to launch eight new models by 2025-CnEVPost

Leapmotor will broaden its presence in China's mid- to high-end NEV market by expanding its diversified model portfolio, it said.

The company plans to launch 1-3 new models per year over the next few years, with eight new models by the end of 2025, covering sedans, SUVs and MPVs, according to its prospectus.

Leapmotor files for Hong Kong IPO, aims to launch eight new models by 2025-CnEVPost

Leapmotor's revenue in 2019, 2020 and 2021 were RMB 117 million, RMB 631 million and RMB 3.132 billion, respectively. For the past three years, the company's loss attributable to equity holders was RMB 901 million, RMB 1.1 billion and RMB 2.846 billion, respectively.

Leapmotor is one of the most-funded EV startups in China, with total funding to date of more than RMB 11.5 billion.

On August 18 last year, Leapmotor announced the completion of a new round of financing for RMB 4.5 billion.

Leapmotor previously closed Pre-A, A, and A+ rounds of financing in January 2018, November 2018, and August 2019, respectively, for a total amount of RMB 2.76 billion, according to information from data provider Qixin.com.

The company announced the completion of RMB 4.3 billion Series B financing on January 27, 2021, with strategic investors including Hefei Municipal People's Government, SDIC Chuangyi, ZJU Jiuzhi Investment Management Co and Yonghua Capital.

Leap Motor launches process for offshore IPO, regulatory filing shows

 

CnEVPost Daily Newsletter

Exclusive Content & Car Database
Try Our New Product. Priority Access, Chinese EV Sales & Car Database, or List Of Upcoming Events. Great For Journalists, Investors, Consultants or anyone who likes Chinese EVs. See More