Chinese Drone Taxi Maker EHang Plans US IPO
Liao Shumin
DATE:  Nov 02 2019
/ SOURCE:  yicai
Chinese Drone Taxi Maker EHang Plans US IPO Chinese Drone Taxi Maker EHang Plans US IPO

(Yicai Global) Nov. 1 -- Chinese drone taxi maker EHang Holdings filed for an initial public offering on the Nasdaq, hoping to raise USD100 million.

EHang will use the money raised to develop new products, services and technologies, explore global sales channels, boost capacity, and work on urban air traffic solutions, according to its filing with the US Securities and Exchange Commission today.

The Guangzhou-based firm develops and makes unmanned aerial vehicles and provides urban air mobility, including passenger transport and logistics, as well as smart city management and aerial media solutions. It delivered the first batch of EHang 216 manned electric drones in late June and announced delivery of another batch in September.

Its net loss widened 42 percent to CNY37.6 million (USD5.34 million) in the first half from a year earlier on a 15.6 percent dip in operating revenue to CNY32.4 million. The firm reported a loss of CNY86.6 million and revenue of CNY31.7 million in 2017. Last year's loss narrowed to CNY80.5 million on revenue of CNY66.5 million.

Prior to the IPO, founder Hu Huazhi, GGV Capital and ZhenFund hold 45.6 percent, 10.8 percent and 7.6 percent stake in the firm, respectively.

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Keywords:   EHang,IPO