Leapmotor files for IPO in Hong Kong

Leapmotor filed for an IPO on the Hong Kong Stock Exchange on Thursday, making it the fourth China EV startup to do so after Nio, Xpeng and Li Auto.

Its IPO documents show the company delivered 43,748 vehicles last year, generating a revenue of 3.13 billion yuan ($493 million).

A total of 3.06 billion yuan was generated from the sale of cars and auto parts. Leapmotor's 2019 and 2020 revenues were 117 million yuan and 631 million yuan, respectively.

From 2019 to 2021, the carmaker's annual operating losses were 730.96 million yuan, 869.53 million yuan and 2.87 billion yuan, respectively.

Leapmotor is one of the most-funded EV startups in China, with total funding to date of more than 11.5 billion yuan.

Its investors include Dahua Technology, CCI Fund, Sequoia Capital and Shanghai Electric.

Last October, Bloomberg reported that the company's Hong Kong listing could raise at least $1 billion.

The company said it plans to use new funds for research and development, improving production capacity and enhancing brand awareness.

Founded in 2015, Leapmotor has launched three models – the T03 minivan, the S01 coupe and the C11, its flagship SUV.

In the first two months this year, Leapmotor sold 11,520 vehicles.

The company said it will launch one to three new models every year over the next few years, with eight new models by the end of 2025, covering sedans, SUVs and MPVs.

It will release a large-sized sedan, the C01, in the second quarter of this year and start to deliver it in the third quarter.