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Home Technology

Hozon New Energy Auto Goes for Hong Kong IPO

June 27, 2024
in Technology
Hozon New Energy Auto Goes for Hong Kong IPO
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On June 25th, Neta Auto’s parent company Hozon New Energy Auto Co., Ltd (hereinafter referred to as “Hozon New Energy Auto“) submitted an application for listing to The Stock Exchange of Hong Kong. The sponsors are CICC, Morgan Stanley, CITIC Securities, ABC International, and CMB International.

The announcement stated that the company aims to become a global leader in the new energy vehicle industry. Through continuous innovation and precise product positioning, the company has become a leading smart electric vehicle brand in China. In the future, it will further deepen its global strategic layout and continue to provide important momentum for the company’s development through overseas markets. The company’s car delivery volume increased rapidly from 64,230 vehicles in 2021 to 124,189 vehicles in 2023, with a compound annual growth rate of 39.0%. The company is expanding into the higher-profit mid-to-high-end market segment and deepening its successful experience in China into overseas markets.

The company has proactively laid out its overseas market strategy, achieving exports of 17,019 vehicles in 2023, accounting for 13.7% of the total sales volume in that year and contributing to 12.0% of the sales revenue. The company is deeply cultivating the Southeast Asian market and according to a consulting report, it ranks among the top three brands for new energy passenger vehicles in Southeast Asia in 2023 based on insured quantities. In the future, it will continue to vigorously develop Latin America, the Middle East, and Africa before expanding into Europe at an appropriate time. With Hong Kong as Neta’s global headquarters and Shanghai as Neta’s strategic operational headquarters, a global management structure is driving forward its overseas journey collaboratively.

In terms of finance, for the fiscal years 2021-2023, the company achieved revenues of RMB 5.087 billion, RMB 13.05 billion and RMB 13.555 billion respectively; the net losses attributable to owners of the company were RMB 4.84 billion, RMB 6.666 billion and RMB 6.808 billion respectively; negative operating cash flows were RMB 2.991 billion, RMB 5.408 billion and RMB 4.354 billion respectively.

It is worth noting that as of the end of May 31, 2024, in the first five months compared to the same period in 2023, the company’s car sales have declined. This is mainly due to the company’s efforts to rationalize and simplify its domestic production capacity and global supply chain during this period, in order to further advance the company’s international initiatives, which temporarily impacted car production. The company has been implementing an overseas expansion strategy, expanding into overseas markets with high growth potential, and has made significant progress in executing this strategy.

The funds raised this time will be used for the strategic expansion in overseas markets to enhance the global influence of Neta brand; enriching product portfolio and enhancing smart car software and hardware technology; expanding sales, service, and charging infrastructure network in China, as well as conducting digital marketing and operating user communities; and using it for operational capital and other general corporate purposes.

SEE ALSO: NETA Auto Initiates Hong Kong IPO Preparation, Secures Cornerstone Investment Exceeding 2 Billion Yuan

Prior reports have stated that Hozon New Energy Auto plans to list on The Stock Exchange of Hong Kong, raising approximately $1 billion.

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