The website of the China Securities Regulatory Commission (CSRC) showed on Thursday that it has received approval materials for a planned overseas IPO by Zhejiang Leapmotor Technology Co., Ltd. (Leapmotor).
However, the company did not disclose where it plans to go public or the target amount of financing.
It’s worth noting that previously, Chinese companies didn’t need to get approval from the CSRC to list abroad. However, China has tightened its regulations on overseas listings for local companies after Didi’s US listing last year caused a series of drama.
The performance of Leap Motor：
Leap Motor was founded in 2015, and the company currently sells the T03, a minivan, and the S01, a coupe and a flagship SUV, the C11.
According to available data, a total of 43,121 Leapmotor vehicles were delivered in 2021, including 38,463 Leapmotor T03s and 4,021 Leapmotor C11s.
Some financing information about Leap Motor：
- Leap Motor previously closed Pre-A, A, and A+ rounds of financing in January 2018, November 2018, and August 2019, respectively, for a total amount of RMB 2.76 billion, according to information from data provider Qixin.com.
- The company announced the completion of RMB 4.3 billion in Series B financing on January 27, 2021, with strategic investors including Hefei Municipal People’s Government, SDIC Chuangyi, ZJU Jiuzhi Investment Management Co and Yonghua Capital.
- On August 18 last year, Leap Motor announced the completion of a new round of financing amounting to RMB 4.5 billion ($690 million).Hangzhou government funds invested RMB 3 billion, and other investors included CICC Capital, according to the announcement.
Leap Motor’s total financing to date has exceeded RMB 11.5 billion.
On January 22, Leapmotor changed its official industrial and commercial registration information. The firm’s registered capital increased from 908 million yuan to 2.908 billion yuan, an increase of over 220%. This move has also been interpreted by the market as “preparing for listing.”