Former Goldman Sachs managing director Pan Deng has joined Neta as its new CFO to head the IPO of the brand's parent company Hozon.
Neta Auto, a brand owned by Chinese electric vehicle (EV) company Hozon Auto, has hired a former Goldman Sachs banker to drive its initial public offering (IPO) efforts.
Former Goldman Sachs managing director Pan Deng has joined Neta to head Hozon's IPO efforts, Shanghai Securities News said today, citing a company source.
Pan spent nine years at Goldman Sachs, where he was in charge of investment banking. He had also worked at Bank of America Merrill Lynch and US consulting firm QRM, the report noted.
He replaces the recently departed Chen Rui as Neta's new CFO, according to a report yesterday by Insight, another local media outlet.
A Neta insider confirmed the reports to National Business Daily today, saying it was a normal personnel reshuffle.
Hozon was founded in October 2014 and in April 2017 received approval from China's economic planner, the National Development and Reform Commission (NDRC), for its vehicle production qualification.
The company operates the Neta brand and sells models in China including the Neta X, Neta GT, Neta S, Neta Aya, and Neta L, primarily targeting the RMB 100,000 ($14,120) to RMB 200,000 price range.
Although Hozon and Neta have different Chinese names, the company is usually only mentioned under the more recognizable Neta name in Chinese media and social media platforms.
In June, Hozon filed an application to list in Hong Kong, where its joint sponsors for the listing include CICC, Morgan Stanley, CITIC Securities, ABCI Capital, and CMB International.
In 2021-2023, Neta has accumulated losses of RMB 18.38 billion, with gross margins of -34.4 percent, -22.5 percent, and -14.9 percent, respectively.
Neta delivered 11,005 vehicles in August, down 9.07 percent year-on-year and essentially flat from 11,015 in August, according to data it announced in early September.
So far this year, Neta has delivered 75,790 vehicles, down 10.37 percent from a year earlier.
At the end of August, Neta had delivered 451,335 vehicles since its inception.
($1 = RMB 7.0827)
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