Leapmotor passes Hong Kong IPO hearing

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Beijing (Gasgoo)- Zhejiang Leapmotor Technology Co., Ltd., Chinese electric vehicle startup Leapmotor, passed its IPO listing hearing on the Hong Kong Stock Exchange and resubmitted its IPO application on 18 september.

Photo credit: Leapmotor

The company’s IPO co-sponsors are JP Morgan, China International Capital Corporation, Citi Bank and CCB International.

Founded in December 2015, Leapmotor develops, manufactures and sells smart electric vehicles. In its original IPO prospectus, Leapmotor pointed out that it is focusing on the mid to high-end segment of China’s new energy vehicle market with a price range of 150,000 to 300,000 RMB (23,440 to $46,880).

According to data established after the hearing, about 40% of the IPO proceeds were used for R&D, about 25% for production capacity, 25% for the expansion of the sales and service network and brand awareness, and the remaining 10% would be used as working capital for Leapmotor and for general corporate purposes.

In August 2022, the auto startup delivered 12,525 new vehicles, representing a 180% year-over-year increase and a 4% month-over-month increase. In August, Leapmotor’s monthly shipments exceeded 10,000 units for four consecutive months. In the first eight months of the year, its total vehicle deliveries amounted to 76,563 units.

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