BRIEF: Hydrogen truck maker Zhizi plans $200 million Hong Kong IPO

Hydrogen-powered truck maker Zhizi Automobile Technology Co. is weighing a Hong Kong IPO for later this year, aiming to raise about $200 million, Bloomberg reported on Wednesday, citing unnamed sources familiar with the matter.

Zhizi was founded in April 2022 by DECH Future Automobile Technology, a subsidiary of heavy-duty truck maker Shaanxi Automobile Group. Zhizi specializes in hydrogen fuel cell-powered trucks, with operations spanning new energy, intelligent connectivity, new materials technology and components manufacturing.

Co-founder Yang Yang said last year the company’s sales exceeded 1 billion yuan ($138 million) in 2023 and that it has already completed multiple financing rounds. He also revealed plans to set up a hydrogen energy research institute in Hong Kong to leverage local academic resources and accelerate technological innovation. Yang highlighted Hong Kong’s strong customer demand and financing advantages, emphasizing that the city can act as a springboard for Zhizi to expand globally, particularly to Southeast Asia, Europe, the U.S. and Middle East.

By Lee Shih Ta

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