IPO-bound Hozon Tempts Investors With Overseas Drive

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IPO-bound Hozon Tempts Investors With Overseas Drive - Benzinga

Quick Summary:

Key Takeaways: Hong Kong IPO candidate Hozon is rapidly burning through its cash, which fell to 2.8 billion yuan at the end of last year from 6.8 billion yuan in 2022

The EV maker’s overseas revenue grew rapidly in 2023, but the drive could further strain the company’s already-precarious financial position By Hugh Chen

Overseas expansion has become a crucial strategy for Chinese electric vehicle (EV) makers these days as a domestic market that once fueled their rapid growth becomes increasingly saturated. Hozon New Energy Automobile Co.Ltd. is among the most active moving in that direction, calling the shift of gears a cornerstone for its next phase of development, according to its IPO application filed with the Hong Kong Stock Exchange last week.