Beijing (ZXZC)- China’s new energy vehicle startup, Zhejiang Leapmotor Technology Co., Ltd. (Leapmotor), has been granted permission by the China Security Regulatory Commission (CSRC) to issue foreign shares that are listed abroad and unlisted domestic shares overseas, according to the information updated last week by the CSRC.

Photo credit: Leapmotor

According to the CSRC, in accordance with the relevant regulations, after examination and verification, Leapmotor is approved to issue no more than 290,917,000 overseas listed foreign shares with a par value of RMB 1 per share, all of which are ordinary shares. Upon completion of the offering, Leapmotor may be listed on the Main Board of the Hong Kong Stock Exchange (HKEX). 

Moreover, the 59 shareholders of Leapmotor will convert their total of 791,334,785 domestic unlisted shares into overseas listed foreign shares, which can be listed and traded on the Main Board of the HKEX after the conversion is completed.

As one of the five major Chinese new energy vehicle startups, Leapmotor filed for an Hong Kong IPO in March this year. The company said then that 40% of the funds raised through the IPO would be put towards the expansion of its electric vehicle portfolio and its team, as well as improving the R&D of autonomous driving technologies.

In July 2022, Leapmotor delivered 12,044 vehicles, representing a 177% soar year-over-year. In the first seven months of the year, the startup’s cumulative delivery volume reached 64,038 vehicles.