Shulou(Shulou.com)11/24 Report--

CTOnews.com, Sept. 25 (Reuters)-Chinese electric carmaker Zhejiang Zero Technology will raise US $800 million in its Hong Kong initial public offering (IPO) at 48 Hong Kong dollars (US $6.12) per share, according to two sources.

The price is at the bottom of the HK $48-HK $62 per share range set by the 131 million shares of Zero Motor. Potential investors have reduced their orders amid turmoil in global financial markets, a source said.

CTOnews.com learned that IPO, co-sponsored by JPMorgan Chase, China International Capital Corporation, Citigroup and CCB International, is expected to start trading on the Stock Exchange on September 29, 2022, according to HKEx documents.

For the whole of 2021, the company delivered a total of 43748 electric vehicles, an increase of 443.5 per cent over 2020, an increase of 51994 smart electric vehicles in the first half of 2022 and an increase of 265.3 per cent over the same period in 2021, according to data.

In terms of models, Zero Technology plans to launch seven new all-electric models, including sedans, SUV and MPV of all sizes, by the end of 2025 at the rate of one to three models a year. The seven new models will focus on China's mid-and high-end mainstream new energy vehicle market and will be developed on the company's A, C and D platforms, respectively.

In addition, the operating income of Zero Automobile from 2019 to 2021 was 117 million yuan, 631 million yuan and 3.132 billion yuan respectively, and the net profit during the period was-901 million yuan,-1.1 billion yuan and-2.846 billion yuan respectively.

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