China's iMotion Automotive Technology plans to raise $100 million via an IPO in Hong Kong by the end of November, as per sources familiar with the matter.
The company, established in 2016, received approval from China's securities regulator earlier this year to issue shares overseas under new regulations introduced in March, as reported by Reuters in June. However, iMotion did not respond to Reuters' request for comment.
Headquartered in Suzhou, iMotion aims to commence its IPO subscription process next week, targeting a debut on the Hong Kong Stock Exchange (HKEX) in early December. Sources caution that market conditions, impacted by high inflation and rising global interest rates, may prompt alterations to these plans. They requested anonymity as the information isn't yet public.
Initially eyeing a $300 million raise, iMotion reportedly scaled back its fundraising goal, revising it downwards, as mentioned by Bloomberg News in March. In early October, China expressed its support for various firms within the smart car supply chain, forming a consortium focused on promoting innovation.
This IPO in the world's largest automobile market arrives amid a challenging phase for Hong Kong's IPO landscape, with new share sales in the city declining by 32.5% in the first three quarters of 2023, according to LSEG data.
The company, established in 2016, received approval from China's securities regulator earlier this year to issue shares overseas under new regulations introduced in March, as reported by Reuters in June. However, iMotion did not respond to Reuters' request for comment.
Headquartered in Suzhou, iMotion aims to commence its IPO subscription process next week, targeting a debut on the Hong Kong Stock Exchange (HKEX) in early December. Sources caution that market conditions, impacted by high inflation and rising global interest rates, may prompt alterations to these plans. They requested anonymity as the information isn't yet public.
Initially eyeing a $300 million raise, iMotion reportedly scaled back its fundraising goal, revising it downwards, as mentioned by Bloomberg News in March. In early October, China expressed its support for various firms within the smart car supply chain, forming a consortium focused on promoting innovation.
This IPO in the world's largest automobile market arrives amid a challenging phase for Hong Kong's IPO landscape, with new share sales in the city declining by 32.5% in the first three quarters of 2023, according to LSEG data.
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