EV Maker Leapmotor Denies Hong Kong IPO to Raise $1 Billion

Leapmotor
(Source: Leapmotor)

Chinese electric-vehicle maker Leapmotor is considering an initial public offering in Hong Kong that could raise at least $1 billion and happen as soon as next year, Bloomberg reported Tuesday. Leapmotor denied the report.

In August this year, Leapmotor announced the completion of a new round of financing of 4.5 billion yuan ($697 million), led by CICC Capital. The funds raised this year has already exceeded 8.8 billion yuan.

SEE ALSO: Leapmotor Completes Financing Round of 4.5 Billion Yuan Led by CICC

Headquartered in Hangzhou, Leapmotor has so far completed its own research and development capabilities regarding smart EVs. The business scope of Leapmotor covers intelligent electric vehicle design, R&D and manufacturing, intelligent driving, electric motor control, battery system development, and vehicle networking solutions based on cloud computing.

In September, Leapmotor received 8,754 pre-orders while it delivered 4,095 vehicles, a fivefold jump from the same period last year, according to a posting on the company’s WeChat account. In the first nine months of this year, its cumulative sales volume of vehicles reached 34,731 units.

The Hangzhou-based company’s rivals Xpeng and Li Auto raised a combined $3.8 billion in dual primary listings over the summer.