Chinese EV Maker Zhejiang Leapmotor Plans to Raise Over $1B in Hong Kong IPO

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By P.R. Venkat

 Zhejiang Leapmotor Technology Co. is making plans to carry over 8.11 billion Hong Kong greenbacks ($1.03 billion) in an preliminary public providing to sign up for a listing of alternative Chinese electrical automobile makers tapping the Hong Kong marketplace.

The corporate is making plans to promote 130.82 million H stocks, which can be being advertised at a worth vary of between HK$48.00-HK$62.00 every, Zhejiang Leapmotor stated Tuesday.

Zhejiang Leapmotor essentially makes a speciality of the mid- to high-end phase of China's new power automobile marketplace, which has been rising hastily in fresh years.

Many Chinese EV makers together with the ones indexed in the U.S. equivalent to Xpeng Inc. and NIO Inc. have lately indexed at the Hong Kong change.

Zhejiang Leapmotor expects to finalize the IPO value on Sept. 23, with an intention to get started buying and selling from Sept. 29, the corporate stated.

Proceeds from the providing will probably be used towards R&D and trade enlargement.

JP Morgan, Citigroup and CICC are a few of the banks advising Zhejiang Leapmotor at the IPO.

Write to P.R. Venkat at venkat.pr@wsj.com

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