Chinese EV maker WM Motor is considering an IPO at Shanghai's Star Market as soon as this year, aiming for a post-IPO valuation of more than $4.3 billion, according to Bloomberg.
The Shanghai-based company is working with financial advisers, the report said, citing people with knowledge of the matter.
Those considerations are still in the early stages, and details, including where and when the IPO will take place, are subject to change.
If that is true, WM Motor will be the latest Chinese EV maker to consider an IPO.
Earlier this month, another Chinese EV maker Li Auto filed a prospectus with the US Securities and Exchange Commission (SEC) in preparation for a listing on the Nasdaq.
Li Auto plans to list on the NASDAQ under the symbol "LI" on July 31. Once Li Auto goes public in the US, it will be the second Chinese smart EV maker to go public in the US after Nio.
Li Auto's first product, Li ONE, was launched in October 2018, with mass production beginning on November 20, 2019, and deliveries to customers beginning in December 2019.
As of June 2020, Li ONE has delivered more than 10,000 cumulative users.
On July 20, Xpeng Motors, one of China's most high-profile electric vehicle startups, has secured $500 million in its latest funding The new funds came from investors including Aspex, Coatue, Hillhouse, and Sequoia Capital China, seven months after Xpeng raised $20 million, giving it further firepower as rivals join an intensifying hunt for capital to ensure their survival.
The new funds came from investors including Aspex, Coatue, Hillhouse, and Sequoia Capital China, seven months after Xpeng raised $500,000. 400 million from Chinese smartphone maker Xiaomi and Xpeng founder He Xiaopeng, among others.
It's widely expected that after this round of funding, Xpeng will be listed on Shanghai's Science and Technology Board.