Friday, July 12, 2024

Neta Auto Parent Hozon New Energy Applies for Hong Kong Listing

- Advertisement -
- Advertisement -

Neta Auto parent Hozon New Energy Automobile Co Ltd has filed an application to list in Hong Kong, aiming to secure new financing to support its expansion.

Hozon’s joint sponsors for the Hong Kong listing include CICC, Morgan Stanley, CITIC Securities, ABCI Capital, and CMB International, according to the Hong Kong Stock Exchange filing on Tuesday.

See also: Neta Auto Launches Mass Production of Electric Vehicles in Indonesia

Credit: Neta Auto

The company submitted an initial prospectus that provides a detailed description of its business but does not specify an expected listing date or the number of shares it plans to issue.

Founded in October 2014, Hozon received vehicle production qualification from China’s National Development and Reform Commission in April 2017. Neta’s first model, the N01, was launched in November 2018.

See also: CATL Signs 10-Year Strategic Partnership Agreement with Neta Auto

Credit: Neta

Neta has completed at least 10 rounds of financing, raising over RMB 20 billion ($2.75 billion) in total disclosed funding. In September 2017, Neta secured a RMB 2 billion angel round and a RMB 1.25 billion Series A round in December of the same year. From April 2019 to July 2022, the company obtained Series B to Series D financing, totaling billions of RMB. On August 29, 2023, Neta completed a Crossover round of financing amounting to RMB 7 billion.

Crossover rounds are typically the final financing before a company goes public, distinct from the common Series A, B, and C rounds.

See also: Neta Auto Introduces Neta L SUV: EREV Variants Start at $18,000 with 310km Range

Credit: Neta

Neta’s current models in China include the Neta X, Neta GT, Neta S, Neta Aya, and Neta L, primarily targeting a price range of RMB 100,000 ($13,800) to RMB 200,000.

Neta’s annual deliveries for 2020-2023 were 15,296, 69,674, 152,073, and 127,496, respectively, with year-on-year growth rates of 355.50%, 118.26%, and -16.16% for 2021-2023. In the latest prospectus, Hozon reported delivering 64,230 vehicles in 2021 and 124,189 in 2023.

- Advertisement -

Latest news
- Advertisement -
Related news
- Advertisement -


Please enter your comment!
Please enter your name here