Two Chinese new-economy companies operating in the automotive sector are planning initial public offerings in Hong Kong, testing a market that has largely struggled this year.
Leapmotor, a Chinese electric-vehicle company, is aiming to raise $1.5 billion from its Hong Kong listing, according to people familiar with the matter. The Hangzhou, China-based company, which counts U.S. venture-capital firm Sequoia Capital as one of its backers, filed an updated prospectus with the stock exchange on Monday, after it had passed its listing hearing.