On September 20, Leapmotor, an emerging leader in car manufacturing, announced on the Hong Kong Stock Exchange that its IPO global offering shares was opening at 130.8191 million shares. The price per share was between 48-62 HKD. Trading on the Stock Exchange started on September 29, 2022, with the trading code 9863.

For this market listing, Leapmotor expects to raise funds up to one billion USD, but the previous financing target was 1.5 bn USD. According to the prospectus, Leapmotor plans to use the net proceeds from the global issuance for the following purposes: ~40% of the funds raised in this IPO will be used for R&D, ~25% will be used to increase production capacity, ~25% will be used for business expansion and brand enhancement, and ~10% will be used for general purposes.

At the same time, Leapmotor stated in its prospectus that its focus is the mid-to-high-end electric vehicle market with prices ranging between 150,000 and 300,000 RMB.

In terms of sales, Leapmotor has successfully embarked on the journey of growth.

Data shows that in 2020 Leapmotor delivered a total of 8,050 vehicles. In 2021, Leapmotor delivered a total of 43,748 vehicles, an increase of 443.5% compared to 2020.

Its sales were on the rise in 2022. It achieved the same number of vehicles produced in 2021 during the first half of this year. The cumulative sales in the first eight months of 2022 reached 76,563, second only to Hozon Auto and Xiaopeng, and in the two months of July and August, the sales volume of Leapmotor was second only to Hozon Auto. (Translated by Marco Lovisetto, edited by Daniel Haws)