IPO

China EV maker seeks $1bn in Hong Kong’s biggest IPO of 2022

Leapmotor set to be rare highlight in sluggish year for exchange’s listings market

Electric vehicle maker Zhejiang Leapmotor Technology is seeking to raise as much as $1bn in what would be Hong Kong’s largest initial public offering this year, in the latest test of investor appetite for China’s fast-growing EV market.

Leapmotor plans to raise as much as HK$8.1bn (US$1bn) from the sale of about 131mn shares in Hong Kong in a range of HK$48-HK$62 each.

The IPO would be the biggest this year in Hong Kong, where only two listings have brought in more than $1bn. However, both were secondary share sales by companies already trading on mainland Chinese exchanges, with battery component supplier Tianqi Lithium raising $1.7bn in July and duty-free retailer China Tourism Duty Free raising $2.1bn last month.

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