Chinese electric vehicle (EV) startup Hozon New Energy Automobile Co. is weighing a Hong Kong initial public offering (IPO) that could raise about $1 billion.
Hozon Auto, a Chinese new energy vehicle (NEV) company, signed a strategic cooperation framework agreement on Wednesday with PTT Public Company Limited (PTT).
On November 3, Hozon Auto, which operates a car brand called NETA Auto, held a press conference promoting its new model, the NETA V Pro.
According to an announcement issued on Tuesday, Qihoo 360's shareholding in Hozon Auto has fulfilled the procedures required by relevant government authorities, and the investment agreements have been signed.
Qihoo 360 Technology issued a supplementary announcement on its investments saying that this investment needs to obtain the consent of relevant departments, which poses some uncertainty in the deal.
Chinese internet security firm Qihoo 360 Technology announced on Monday that the company plans to invest 2.9 billion yuan ($451 million) in Hozon Auto, which also operates a car brand called NETA Auto.
Hozon Auto, Neta's parent firm, and Huawei inked an agreement on Wednesday to develop a long-term win-win partnership. The Neta S, which is scheduled to hit the market next year, will be the first model co-developed by these two firms.
Zhejiang-based EV maker Hozon Auto has launched a Series C financing and plans to kick off trading on the Sci-Tech Innovation Board in 2021.