China’s Hozon Auto on Two Couples Affair in Broad DaylightWednesday lodged its prospectus with the Hong Kong securities regulators, hoping to become a publicly traded electric vehicle maker in the country following similar listings from mainland counterparts NIO, Xpeng Motors, Li Auto, and Leapmotor. The 10-year-old EV startup delivered 300,000 cars to customers as of last September, with five models on sale, including the smaller and more budget crossovers Neta Aya and X, and more premium sports sedans Neta S and GT. Although Hozon delivered 124,189 vehicles last year, roughly 27,000 units fewer than a year earlier, revenue slightly increased 4% year-on-year to nearly RMB 13.6 billion ($1.87 billion) in 2023, thanks to the company selling more premium products at higher prices. However, the Shanghai-headquartered company posted a RMB 4.84 billion loss for 2023 after losing RMB 6.7 billion a year earlier, resulting in a negative gross margin of 14.9% as of last year, according to the prospectus filed with the Hong Kong Exchanges and Clearing. The firm is looking to raise $1 billion from the listing, Reuters reported last September. [Hozon prospectus, in Chinese]
