A wave of Chinese companies is suddenly flocking to the public markets, as several weigh initial public offerings in Hong Kong and Shanghai.
Two electric vehicle makers are eyeing IPOs on Shanghai’s STAR board, according to Bloomberg. Tesla rival WM Motor is reportedly planning an offering for as soon as this year that would value the company at more than 30 billion yuan (around $4.3 billion). The Shanghai-based company’s investors include Alibaba, Baidu, Tencent and Sequoia China. Meanwhile, Hozon Auto is targeting a listing for 2021 and wants to secure 3 billion yuan in Series C funding, Bloomberg reported.
The potential public listings follow fintech giant Ant Group‘s announcement that it is seeking a dual listing in Hong Kong and Shanghai in what could be one of the largest offerings in years. And dairy products maker Junlebao is reportedly following suit with a dual public listing of its own in China.
Source: Pitchbook
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