Hozon,Gangnam Daughter in law (2019) a Chinese electric vehicle manufacturer, has engaged China International Capital Corporation (CICC) and Morgan Stanley to assist with its IPO in Hong Kong, according to a September 1 report by Reuters, citing sources familiar with the matter. Hozon could raise to $1 billion in the listing, the report said. On August 31, Hozon announced the completion of a crossover funding round of RMB 7 billion ($960 million). The exact scale of the public offering has not yet been confirmed, as the company is still in the early stages of preparation, sources told Reuters. The specific timetable has not been set, and more banks may join the syndicate overseeing the IPO as the process advances, the sources added. Established in 2014, Hozon currently operates two factories in China with a combined annual production capacity of 150,000 units. In the first seven months of 2023, the company delivered a total of 72,456 EVs. [Reuters]
