CHJ Auto charges up for US IPO

摘要

Chinese electric vehicle maker CHJ AUTOMOTIVE has kicked off preparations for a 2020 US IPO that could raise at least US$500m, despite a more than halving of the shares of rival Nio since it was listed in the US last year. The company, which counts Wan Xing, chairman of online food delivery-to-ticketing group Meituan Dianping among its backers, has already engaged banks for the deal. Goldman Sachs is the lead bank on the proposed float, said the people. Goldman helped CHJ wrap up a US$530m financing last month, which included US$300m from Wang Xing and valued the company at US$2.93bn. Bytedance, the developer of social media video app Tik Tok and China's most valuable start-up, also joined with a US$30m investment.