After CATL's IPO spark, China's EV leaders bank on Hong Kong for growth funds
More than a dozen smart mobility companies from mainland China are making a beeline to raise funds in Hong Kong, capitalising on the growing appetite among global investors for the country's unpolished industrial gems.
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The prospective initial public offerings (IPOs) from electric vehicle (EV) assemblers like
Chery Automobile and
Seres Group to autonomous driving technology providers such as
Pony.ai are expected to enhance China's leading automotive technologies on the global stage, bankers and analysts said.
'They gravitate to Hong Kong where international investors are actively hunting for China's next industry leaders, those with the potential to grab a considerable share of the global market,' said Ding Haifeng, a consultant at Integrity, a Shanghai-based financial advisory firm.
Successful IPOs 'would be an endorsement of Chinese EV makers and supply-chain vendors', he added.
03:30
Global carmakers cede world's largest auto show to Chinese EVs
Global carmakers cede world's largest auto show to Chinese EVs
Some of the candidates could launch jumbo deals, with proceeds exceeding US$1 billion each, Ding added, which could further strengthen Hong Kong's leading position as the world's busiest venue for IPOs this year.
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