NETA Auto Initiates Hong Kong IPO Preparation, Secures Cornerstone Investment Exceeding 2 Billion Yuan
According to the Chinese tech media “First Electric”, Chinese EV maker NETA Auto initiated preparations for its Hong Kong IPO in Q4 last year, with cornerstone investment exceeding 20 billion RMB.
NETA Auto has completed at least 10 rounds of financing, with a total disclosed financing amount exceeding 20 billion RMB, with investors including Deep Creation Investment, CRRC Capital, CATL, 360, among others. NETA Auto completed a Crossover round of financing on August 30th last year, raising 7 billion RMB.
It is worth noting that there have been recent rumors online that NETA Auto’s CEO originally promised to distribute year-end bonuses during the first week after the holiday, but employees are now being told that the process is still ongoing and bonuses will be distributed in March.
In response to the above online rumors, NETA Auto CEO Zhang Yong stated that “the 23-year-end bonuses are related to performance evaluation. The final distribution of annual performance coefficients and amounts will be completed and distributed in March.”
NETA Auto delivered 10,032 vehicles in January 2024, including 2,821 units sold overseas. Earlier last month, Zhang Yong publicly reviewed the decline in sales in 2023, citing issues such as high pricing of new products, delayed adjustments in the second half of the year, missed opportunities, outdated communication methods, and difficulties in promoting good products.
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