(Yicai Global) Sept. 26 -- Chinese high-end electric scooter maker Niu Technologies aims to raise up to USD150 million through an initial public offering on the US Nasdaq Stock Market.

The Beijing-based firm submitted a listing prospectus with the US Securities and Exchange Commission and aims to use the funds to upgrade and expand production facilities and carry out research and development as well as marketing.

The firm is yet to turn a profit, the prospectus shows. Niu's net losses widened in the first six months of this year to CNY314 million (USD45 million), already eclipsing the CNY184 million lost in the whole of last year. The firm's revenue nearly doubled in the first half to CNY557 million with growth easing off slightly compared with last year when earnings increased 116 percent to CNY184 million.

Niu derives the lion's share of earnings from sales of e-bikes as well as related accessories, components and services. As of the end of June, the firm has sold 431,500 scooters in China, Europe and other regions.

The company's founder Li Yinan resigned from his position in March, fueling speculation surrounding a possible float. Having been jailed in 2016 for insider-trading, he is barred from heading up any listed companies for a period of three years. He remains the firm's largest shareholder with 43.8 percent stake through his Glory Achievement Fund.

Editor: William Clegg