EV Maker Hozon Mulls Fundraising at $7 Billion Valuation, Sources Say

EV Maker Hozon Mulls Fundraising at $7 Billion Valuation, Sources Say

Bloomberg

Chinese electric vehicle startup Hozon New Energy Automobile Co. is seeking to raise about $500 million before a potential listing in Hong Kong this year, people with knowledge of the matter said.

Hozon is working with advisers on the fundraising, the people said, asking not to be identified as the information isn’t public. The current round would value the Zhejiang-based firm at around 45 billion yuan ($7.1 billion), they said.

The company could seek to launch its initial public offering as soon as the second half of this year, the people said. Bloomberg News reported in November that Hozon is considering a first-time share sale in Hong Kong that could raise about $1 billion.

Details of the fundraising such as size and timing are preliminary and could change, the people said. A representative for Hozon declined to comment.