Electric-vehicle startup Leapmotor Technology Co. has received the go-ahead from the China Securities Regulatory Commission to launch an initial public offering in Hong Kong.
It approved Leapmotor’s plan to raise up to 291 million yuan ($42.4 million) via an IPO on the Stock Exchange of Hong Kong, the Beijing-based market watchdog said this week.
In China, companies seeking to go public in overseas stock markets must clear regulatory oversight at home.
Leapmotor filed its IPO application to the Stock Exchange of Hong Kong in March.
With the green light from the China Securities Regulatory Commission, the company is on track to become the fifth Hong Kong-listed Chinese EV startup, following Nio, XPeng Motor and Li Auto.
Leapmotor, established in the east China city of Hangzhou in 2014, has launched sales of four products — the C11 compact crossover, the C01 and S01 compact sedans, and the T03 subcompact sedan.
In July, its deliveries spiked 177 percent year on year to 12,044, with year-to-date volume advancing 128 percent to 64,038, according to sales data the company disclosed on its website.