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Hozon Auto Debuts Nezha S Equipped With New Tech, Is Said to Mull Hong Kong IPO
Liao Shumin
DATE:  Nov 24 2021
/ SOURCE:  Yicai
Hozon Auto Debuts Nezha S Equipped With New Tech, Is Said to Mull Hong Kong IPO Hozon Auto Debuts Nezha S Equipped With New Tech, Is Said to Mull Hong Kong IPO

(Yicai Global) Nov. 24 -- Hozon Auto has released the Nezha S electric vehicle, the first model equipped with its new Shanhai Platform. The Chinese electric car startup is also reportedly considering an initial public offering in Hong Kong.

Nezha S can achieve navigate-on-pilot driving on highways and urban roads, as well as L4 intelligent driving in some scenarios such as parking and smart summon, Shanghai Securities News reported today. Hozon will work with Chinese cybersecurity giant 360 Security Technology to ensure the information security of the Shanhai Platform, the report said.

Internet security is becoming an issue for the auto industry as vehicles become smarter. China’s cyberspace watchdog last month issued new rules on vehicle data security, aiming to address increasing security challenges and close loopholes as vehicles gain a stronger ability to generate and process data. Under the rules, operators must avoid collecting excessive data from cars and protect the privacy of car owners and users.

Shanghai-based Hozon is also weighing up an IPO in Hong Kong, Shanghai Securities News said, adding that the EV maker has already kicked off a new financing round, which is expected to be completed soon.

The firm wrapped up a CNY4 billion Series D1 fundraiser late last month, led by 360 Security. Investors such as CCB International, Citic Securities Investment, and Shenwan Hongyuan HK’s new energy industrial fund also took part. 360 Security said on Oct. 18 that it would invest CNY2.9 billion (USD452 million) into Hozon Auto, becoming the carmaker’s second-largest shareholder.

Bloomberg News also reported on Nov. 18 that Hozon is mulling a Hong Kong listing that could raise about USD1 billion, citing people familiar with the matter. Bloomberg said last year that Hozon had considered going public on Shanghai’s Nasdaq-style Star Market.

Editor: Futura Costaglione

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Keywords: Hozon Auto