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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