June 26, 2022

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The website online of the China Securities Regulatory Fee (CSRC) confirmed on Thursday that it has gained approval fabrics for a deliberate in a foreign country IPO by way of Zhejiang Leapmotor Era Co., Ltd. (Leapmotor). This disclosure by way of the CSRC confirms rumors that Leapmotor will try to pass public outdoor China.

Exactly which capital marketplace Leapmotor will choose for the transfer, then again, has no longer but been disclosed. Previous, it used to be reported that Leapmotor used to be taking into consideration making use of for an IPO in Hong Kong, and has made initial touch with consulting firms for an inventory in all probability as early as 2022. Referring to this rumor, the company didn’t factor a transparent reaction, pronouncing best that “this information isn’t the authentic information of Leapmotor.”

In November 2020, Wu Baojun, co-founder and president of Leapmotor, printed that the EV logo meant to head public at the Shanghai Sci-Tech Innovation Board (STAR Marketplace). “We will have to toughen the relationship with the capital marketplace like NIO and Li Auto.”

Therefore, some other co-founder Zhu Jiangming mentioned in an inside letter to the corporate that Leapmotor targets to turn out to be one of the vital best 3 new Chinese language car-manufacturing forces in 2023, acquire a ten% marketplace proportion of the Chinese language new power car marketplace in 2025, and formally release an IPO in 2021.

SEE ALSO: Leapmotor Completes Financing Spherical of four.5 Billion Yuan Led by way of CICC

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Alternatively, because of the unsure potentialities of list at the STAR Marketplace, Wu Baojun modified his feedback in July 2021, pronouncing that “different list plans aren’t dominated out.” One month after making this remark, Leapmotor introduced on August 18, 2021, that it had finished a pre-IPO spherical of financing totaling 4.5 billion yuan ($708 million). This spherical used to be led by way of CICC and adopted by way of Hangzhou State-owned Property Control and China Capital Control. Up to now, the corporate has finished a complete of 7 rounds of financing, with a disclosed overall quantity exceeding 12 billion yuan.

On January 22, Leapmotor modified its authentic business and industrial registration knowledge. The company’s registered capital larger from 908 million yuan to two.908 billion yuan, an build up of over 220%. This transfer has additionally been interpreted by way of the marketplace as “making ready for list.”

In keeping with to be had information, a complete of 43,121 Leapmotor cars had been delivered in 2021, together with 38,463 Leapmotor T03s and four,021 Leapmotor C11s.