Beijing (ZXZC)- HOZON Auto, the EV startup owning the brand NETA is reportedly raising another financing round with an $800 million bottom line and a $1 billion top limit.

NETA U Pro; photo credit: NETA Auto

Last week, there were talks about HOZON Auto’s pursuit for an upcoming IPO in Hong Kong, with its goal of raising roughly $1 billion for the IPO. Sources close to the matter also said that the company sought professional consultation for the potential IPO happening as early as 2022.

At the time, HOZON Auto’s PR said that they were “not familiar” with the matter, much like they responded this time for the financing rumor.

NETA V; photo credit: NETA Auto

On November 8th, HOZON Auto announced that it has partnered with major battery player CATL for corresponding technology development and enhancing the automotive supply chain. CATL would also participate in the automaker’s D2 round of financing.

Earlier, at the end of October, HOZON Auto landed RMB4 billion ($625.665 million) in its D1 round of financing, where the leading investor, 360 Security, poured RMB2 billion ($312.832 million).

Notably, the rumored financing round took place after the D1 round and right before its reported Hong Kong IPO. It is reasonable to assume that this $1 billion worth of financing round is HOZON Auto’s Pre IPO investments, indicating the IPO is coming soon.