Lotus mark set for Geely

Lotus Tech, which develops cars for the Lotus brand, is working on preliminary plans for an initial public offering in the US or Hong Kong to help fund the transition of the iconic maker of sports and racing cars to an all-electric automaker.

The company is studying a potential IPO as soon as 2023 if sales go well, Group Lotus chief executive Feng Qingfeng said yesterday.

Lotus is part of the empire of Li Shufu, who founded Zhejiang Geely and has long held ambitions of developing top-end sports cars.

That came as a subsidiary of Zhejiang Geely, Geely Automobile’s (0175) ride-hailing arm Caocao Chuxing announced that it had raised 3.8 billion yuan (HK$4.56 billion) in its series B financing round.

Chief executive Gong Xin said the funds will be spent on research and development, expand business, improve service quality, and increase drivers’ safety.

Dongguan Rural Commercial Bank is expected to have a pre-road show as early as today to raise HK$7.8 billion after reportedly securing nods for its IPO.

Shanghai-based Jixing Pharmaceuticals is mulling over a HK$2.3 billion IPO next year.

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