China EV maker Leapmotor set to raise $800 million in Hong Kong IPO

 Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology is set to raise $800 million by pricing its shares at HK$48 ($6.12) each in its Hong Kong initial public offering (IPO), said two sources with direct knowledge of the matter.

While that is less than the $1.03 billion the EV maker had said it was aiming to raise in its regulatory filings last week, the IPO would still be the city's largest this year. It had planned to raise $1.5 billion but cut the size after a lukewarm response from investors.

Leapmotor, based in Hangzhou, produces four EV models that mainly target China's middle and lower-end mass market in a 79,500-300,000 yuan ($11,500-$43,000) price range, according to its website and prospectus filed with the Hong Kong Stock Exchange.