EV-Maker Hozon Plans Hong Kong IPO

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What’s new: Chinese electric-vehicle (EV) maker Hozon New Energy Automobile Co. Ltd. has filed for an IPO in Hong Kong as it seeks new financing to support its global expansion.

The Shanghai-based carmaker plans to use part of the proceeds to expand into overseas markets to enhance the global presence of its EV brand Neta Auto, according to a filing with the Hong Kong Stock Exchange on Wednesday.

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Hozon New Energy filed for an IPO in Hong Kong to finance global expansion, enhance Neta Auto's brand presence, and improve technology and infrastructure.
In April, Hozon received a joint investment of at least 5 billion yuan ($688 million) from three Chinese government-backed firms to expedite going public.
Neta Auto has expanded to Southeast Asia, Latin America, the Middle East, and Africa, with manufacturing plants in Thailand, Indonesia, and plans for Malaysia by 2025.

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Who’s Who

Hozon New Energy Automobile Co. Ltd.: Hozon New Energy Automobile Co. Ltd., a Shanghai-based EV maker, has filed for an IPO in Hong Kong to fund its global expansion. The proceeds will support overseas market entry, technology improvements, and infrastructure expansion in China. Hozon, which received a $688 million investment from Chinese firms in April, entered the Thai market in 2022 and has since expanded to Southeast Asia, Latin America, the Middle East, and Africa. It began production in Thailand and Indonesia in 2023, with plans for Malaysia in 2025.

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What Happened When

August 2022：: Neta Auto entered the Thai market with the budget Neta V electric subcompact crossover.

April 2024：: Hozon signed a deal with three government-backed Chinese firms which jointly invested at least 5 billion yuan ($688 million) in the automaker.