(Yicai Global) July 20 -- Hozon Auto, a new energy vehicle startup that named its marque after the Chinese mythological character Nezha, has launched a C-round financing and plans to go public in Shanghai next year, according to The Paper.
Hozon Auto aims to list on the Star Market, the Shanghai Stock Exchange’s science and technology innovation board, the report said today, citing an insider at the Shanghai-based carmaker who did not provide further details.
Founded in 2014, Zhejiang Hozon New Energy Automobile, Hozon Auto’s operator, has completed four financing rounds that raised CNY6.3 billion (USD900 million). Hozon Auto founder Fang Yunzhou worked at Chery Automobile for 16 years and led that company’s NEV research and development efforts.
Hozon Auto has two models on the market: the Neta N01, called the Nezha N01 in China, which starts at CNY66,800 (USD9,558.60) after government subsidy, and the Neta U, or Nezha U, priced at CNY139,800. It is now planning to launch a third marque this year.
In the first half, Hozon Auto sold 5,002 vehicles, up 13 percent from a year earlier in the face of a general downturn in the auto market because of the the coronavirus pandemic.
China’s auto startups have stepped up the pace of fundraising this year due to external pressure. Beijing-based Li Auto, formerly known as Lixiang Automotive, will land on the Nasdaq on July 31, raising USD100 million as it becomes only the second Chinese NEV startup to go public in the US after Nio.
Guangzhou-based Xpeng Motors also announced today that it has secured USD500 milion in a C+ round of financing. And market rumors suggest the automaker is also planning an overseas IPO, which has not been officially confirmed.
Editor: Peter Thomas