Hozon Auto Files for Hong Kong IPO
Zhang Yushuo
DATE:  Jun 26 2024
/ SOURCE:  Yicai
Hozon Auto Files for Hong Kong IPO Hozon Auto Files for Hong Kong IPO

(Yicai) June 26 -- Hozon Auto, the Chinese carmaker owner of electric vehicle brand Neta, has filed for an initial public offering in Hong Kong.

Hozon Auto plans to use the proceeds mainly to expand overseas markets, enrich product portfolios, enhance smart auto technologies, enlarge sales services and charging infrastructure networks, and promote digital marketing and user community operations, according to a prospectus filed today. It did not disclose the financing size.

The co-sponsors are China International Capital, Morgan Stanley, Citic Securities, Agricultural Bank of China International, and China Merchants Bank International.

Founded in 2014, Hozon Auto's smart new energy vehicle models include the Neta AYA, the Neta X, the Neta L, the Neta S, and the Neta GT. Its sales reached 124,189 units last year compared with 64,230 in 2021.

Hozon Auto deliveries fell 22 percent to 10,113 units last month from a year earlier. It has delivered just 43,564 units in the five months ended May 31, equal to 14.5 percent of its 300,000 annual target.

Exports of Neta vehicles totaled 17,019 last year, accounting for 13.7 percent of Hozon Auto's sales, with the brand among the top 3 in the Southeast Asian market.

Hozon Auto's factories in Thailand and Indonesia became operational in March and May, respectively, while construction of its Malaysian plant began in January.

Shanghai-based Hozon Auto's revenue was CNY5.1 billion (USD701.9 million) in 2021, CNY13.1 billion (USD1.8 billion) in 2022, and CNY13.6 billion last year. It has acquired investments from 360 Security Technology, battery giant Contemporary Amperex Technology, and various state capitals.

Editor: Martin Kadiev

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Keywords:   Neta,IPO,Hong Kong Stock Exchange,Electric Vehicles,Hozon