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China EV Maker Leapmotor Seeks Up to $1 Billion in H.K. IPO

  • Shares being offered at between HK$48 and HK$62 each
  • Firm expects to use money to expand business, promote brand
EV makers are considered an important component of the country’s push toward electrification and clean energy.

EV makers are considered an important component of the country’s push toward electrification and clean energy.

Source: Getty Images 
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Chinese electric-vehicle maker Zhejiang Leapmotor Technology Co. is looking to raise as much as HK$8.1 billion ($1 billion) in an initial public offering in Hong Kong.

Leapmotor, founded in 2015, is offering about 131 million shares at between HK$48 and HK$62 apiece, according to the prospectus on the Hong Kong stock exchange website. Five cornerstone investors, including Zhejiang Industrial Fund and Jinhua Industrial Fund, agreed to purchase around $308.5 million of stock, confirming an earlier Bloomberg News report.