Dahua, Shanghai Electric and CRRC are set to exit the smart EV manufacturer, which is reportedly set to raise at least $1bn in the flotation.
Leapmotor, the China-headquartered electric vehicle (EV) producer that counts corporates Dahua Technology, Shanghai Electric and CRRC among its investors, has filed for an initial public offering on the Hong Kong Stock Exchange.
The company did not disclose the number of shares it plans to offer or the size of the offering, but sources privy to the development told Bloomberg in November 2021 it was aiming to raise in excess of $1bn through the IPO.
Founded in 2015, Leapmotor manufactures smart EVs including compact cars and sports utility vehicles, in addition to electronic parts, hardware and software that support intelligent power and self-driving systems.
The company sold more than 43,000 vehicles in 2021, representing a 443% increase from the year before. It logged about $488m in revenue last year, four times that of 2020, through its net loss grew from $147m to $409m during the same period.
Hangzhou’s municipal government provided…
