According to foreign media reports, people familiar with the matter revealed that Chinese electric vehicle manufacturer Huaren Express is considering an initial public offering (IPO) in Hong Kong as early as this year. Chinese Express is working with UBS and Morgan Stanley on a possible IPO that could raise about $300 million to $500 million.
China Express originally planned to conduct an IPO in the United States, but now has changed the location of the IPO to Hong Kong. People familiar with the matter said discussions are still ongoing and details such as the amount of fundraising and the timing of the IPO may still change.
UBS and Morgan Stanley declined to comment, while China Express did not immediately respond to requests for comment.
(Source: Chinese Express)
Founded in 2017, Huaren Express designed and produced the Gaohe HiPhi series of luxury electric vehicles released in 2019. In 2020, Huaren Express demonstrated automatic valet parking technology using 5G on the Gaohe HiPhi X SUV. On January 18, the company said in a statement that it had sold more than 4,200 HiPhi X SUVs since its debut in May 2021.
A number of Chinese electric vehicle companies are interested in listing in Hong Kong, and Huaren Express is the latest Chinese electric vehicle company with this intention. It is reported that United New Energy Vehicles is also considering raising $1 billion through a Hong Kong IPO; WM Motors also plans to conduct an IPO in Hong Kong this year and raise about $1 billion; Zero Run Automobile is also cooperating with banks and plans to list in Hong Kong as early as this year.
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