BUSINESS China's auto industry catching capital market interest

BUSINESS

China's auto industry catching capital market interest

China Daily

18:58, July 27, 2020

Visitors take a look at a model made by electric vehicle producer Xpeng at a motor show in Chongqing, on June 13, 2020. (Photo: Sipa)

China's motoring industry has become eye-catching in the capital market recently, with a bunch of automakers planning for financing or listing.

Auto startup Leading Ideal, or Li Auto Inc, won a $380 million cornerstone investment from investors that include internet giants Meituan Dianping and ByteDance, according to business information provider Tianyancha on July 25.

The carmaker also updated its prospectus to offer 95 million American Depositary Shares at a price range of $8 to $10 apiece, as per its prospectus in the US Securities and Exchange Commission on July 24. Hillhouse Capital has indicated an interest in purchasing an aggregate of up to $300 million of the shares being offered, the prospectus showed.

On July 20, electric vehicle producer Xpeng Motors announced the signing in its latest financing of about $500 million. Investors included Aspex, Coatue, Hillhouse Capital and Sequoia Capital China, the company said.

WM Motor is considering an IPO on the STAR board in Shanghai as soon as this year, and the company is expected to seek a post-IPO valuation of more than 30 billion yuan ($4.3 billion), according to a recent report from Bloomberg.

Zhejiang-based EV maker Hozon Auto has launched its Series C financing and eyes going public on Shanghai's STAR market in 2021, the company said on July 20.

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