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EV Maker Hozon Mulls Fundraising at $7 Billion Valuation, Sources Say

  • China startup seeking about $500 million in pre-IPO round
  • Firm is backed by billionaire Zhou’s 360 Security Technology
The assembly line of Neta electric car at a Hozon New Energy Automobile Co., Ltd factory in Jiaxing.

The assembly line of Neta electric car at a Hozon New Energy Automobile Co., Ltd factory in Jiaxing.

Photographer:  Cheng Jie/VCG/Getty Images

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Chinese electric vehicle startup Hozon New Energy Automobile Co. is seeking to raise about $500 million before a potential listing in Hong Kong this year, people with knowledge of the matter said.

Hozon is working with advisers on the fundraising, the people said, asking not to be identified as the information isn’t public. The current round would value the Zhejiang-based firm at around 45 billion yuan ($7.1 billion), they said.