Nezha Automobile's IPO Application and Business Updates

TapTechNews, Jun 26. Today, Hozon New Energy, the parent company of Nezha Automobile, submitted an IPO application to the Hong Kong Stock Exchange. The prospectus shows that in 2023, Nezha Automobile had a revenue of 13.555 billion yuan and a net loss of 6.867 billion yuan.

The prospectus also shows that Nezha Automobile has currently launched five intelligent new energy vehicles. The vehicle delivery volume increased from 64,230 units in 2021 to 124,189 units in 2023, with a compound annual growth rate of 39.0%.

In terms of overseas business, Nezha Automobile achieved an export volume of 17,019 units in 2023, accounting for 13.7% of the total sales volume and contributing 12.0% of the sales revenue in the same year.

Nezha Automobile stated that it has now extended to the mid-to-high-end market with higher profit margins, and will deepen its experience in the Chinese market to overseas markets.

TapTechNews noted that Nezha Automobile signed a ten-year comprehensive strategic cooperation agreement with CATL on May 24. They will carry out comprehensive strategic cooperation in the 2025-2034 period. Nezha Automobile will take CATL as the preferred partner for automotive power batteries, and CATL will provide Nezha Automobile with power battery products and service guarantees with market competitiveness.