Beijing (ZXZC)- Zhejiang Leapmotor Technology Co., Ltd., the Chinese electric vehicle startup Leapmotor, has passed the listing hearing of its IPO on the Hong Kong Stock Exchange, and resubmitted its IPO application on September 18. 

Photo credit: Leapmotor

The company's co-sponsors for the IPO include JP Morgan, China International Capital Corporation, Citi Bank, and CCB International.

Founded in December 2015, Leapmotor develops, manufactures, and sells smart electric vehicles. In its original IPO prospectus, Leapmotor pointed out that it is focused on the mid- to high-end segment in China’s new energy vehicle market with a price range of RMB150,000-300,000 ($23,440-$46,880).

According to the data set after the hearing, about 40% of the IPO proceeds were be used for R&D, about 25% for production capacity, 25% for sales and service network expansion, and raising brand awareness, and the rest 10% would be used as Leapmotor’s working capital and general corporate purposes.

In August 2022, the auto startup delivered 12,525 new vehicles, representing a 180% year-over-year soar and a 4% increase month-over-month. By August, Leapmotor’s monthly deliveries have surpassed 10,000 units for four consecutive months. In the first eight months of the year, its total vehicle deliveries amounted to 76,563 units.