＜IPO＞Hozon New Energy Automobile, Parent of 'Neta' Brand, Applies for HK Listing

　　Hozon New Energy Automobile, parent of the car brand “Neta”, has applied for a listing in Hong Kong. According to the company's preliminary listing document on the Stock Exchange, the joint sponsors are CICC, Morgan Stanley, CITIC Securities, ABCI and CMBI.

　　According to Hozon, it is positioned as a leader in the globalisation of new energy vehicles (NEVs) and will continue to deepen its globalisation strategy in the future, bringing significant momentum to its development through overseas markets. Last year, the company exported 17,000 vehicles, accounting for 13.7% of total sales volume and contributing 12% of sales revenue.

　　The company is deeply committed to the Southeast Asian market and will continue to vigorously develop Latin America, the Middle East and Africa in the future, with expansion to Europe afterwards in due course.

　　Hozon's revenue in 2023 was RMB13.55 billion, up 3.9% YoY. Loss attributable to the company's owners was RMB6.81 billion, slightly larger than the loss of RMB6.67 billion in 2022.

　　Proceeds from the IPO will be used for strategic expansion in overseas markets to enhance the global reach of the Neta brand, enriching the product portfolio and upgrading smart car hardware and software technologies, expanding sales, services and charging infrastructure networks in China, as well as digital marketing and user community operations, and for working capital and other general corporate purposes.

　　Last year, a foreign news report said that Hozon was seeking to list in Hong Kong and raise about US$1 billion.