iMotion Automotive Technology Suzhou Co., a developer and provider of AI automated driving solutions, is considering a Hong Kong initial public offering that could raise $200 million to $300 million, according to people familiar with the matter.
(Bloomberg) — iMotion Automotive Technology Suzhou Co., a developer and provider of AI automated driving solutions, is considering a Hong Kong initial public offering that could raise $200 million to $300 million, according to people familiar with the matter.
The Suzhou, China-based firm is working with CCB International Holdings Ltd., Citigroup Inc. and Huatai Securities Co. on preparations for a first-time share sale, said the people, who asked not to be identified as the information is private. The listing could take place as early as this year, the people said.
Deliberations are at an early stage and details of the IPO including size and timeline could change, the people said. Representatives for Citigroup and Huatai declined to comment, while CCBI and iMotion didn’t immediately respond to requests for comment.
iMotion’s potential listing comes as China continues to ramp up support for its driverless mobility companies. The country’s share of the growing global market is expanding, and is forecast to account for around half of the 1.7 trillion yuan ($245 billion) industry by 2025, according to Nomura Holdings Inc. analysts.
Chinese companies in the sector are fueling their growth with first time share sales. Hesai Group, a developer of sensor technologies used in self-driving cars, raised $190 million in the largest listing by a Chinese issuer in the US market since the crash of Didi Global Inc. in 2021.
Guangzhou WeRide Technology Co., another driverless technology startup, is also considering an IPO that could raise about $500 million, Bloomberg News reported last year.
Established in December 2016, iMotion makes automated driving systems for carmakers, according to its website. Its backers include Future Capital, Li Auto Inc., and China State-Owned Enterprise Mixed Ownership Reform Fund, according to a statement in 2021.
–With assistance from Linda Lew.
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