Chinese Electric Truckmaker Zhizi Is Said to Plan $200 Million Hong Kong IPO

2 weeks ago

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(Bloomberg) — Chinese electric truckmaker Zhizi Automobile Technology Co. is considering an initial public offering in Hong Kong that could raise about $200 million, according to people familiar with the matter.

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Zhizi is in talks with prospective advisers to help prepare for a potential share sale, the people said, asking not to be identified because the information isn’t public. Deliberations are ongoing and may not result in an IPO, they added.

Representatives for Zhizi didn’t respond to requests for comment.

China is dominant in electric vehicles thanks to the cost competitiveness and advanced technology of its carmakers, as well as access to raw materials for batteries. While growth has mostly been in the passenger car segment, electric truck sales in China more than doubled in 2024, according to Bloomberg NEF.

Zhizi makes trucks, tractors and other commercial vehicles. Another Chinese electric truckmaker — Windrose Technology Inc. — is also seeking to go public.

Zhizi was established in 2022 by DECH Future Automobile Technology Co., a joint venture co-founded by Shaanxi Automobile Holding Group Co., one of China’s biggest heavy-duty truckmakers.

–With assistance from Linda Lew and Dong Cao.