[Asia Economy Reporter Yujin Cho] Chinese electric vehicle company Lingpao plans to raise more than $1 billion (approximately 1.1778 trillion KRW) through a Hong Kong stock market listing, Bloomberg reported on the 8th (local time).
The news agency, citing sources familiar with the matter, reported that Lingpao has selected three underwriters?China International Capital Corporation, Citigroup, and JP Morgan Chase?to conduct its initial public offering (IPO) in Hong Kong.
Lingpao is currently preparing for the listing with the goal of going public next year. The company has refrained from commenting on the specific timing and scale of the listing.
Headquartered in Hangzhou, China, Lingpao is an electric vehicle manufacturer with in-house semiconductor chip design technology, established in 2015. Lingpao secured a total investment of 4.5 billion yuan as of last August, including 3 billion yuan from the Hangzhou government.
According to the company’s WeChat account, Lingpao received 8,754 pre-orders in September, and the number of deliveries reached 4,095, approximately five times higher than the same month last year.
Bloomberg stated, "Lingpao is expected to benefit from China’s paradigm shift to electric vehicles as part of its plan to achieve carbon neutrality by 2060."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
