(Yicai Global) March 18 -- Leapmotor Technology has filed for an initial public offering in Hong Kong, setting it up to become the fourth Chinese electric carmaker to list in city.

The share sale will be jointly sponsored by China International Capital Corporation, Citic Bank, J.P. Morgan Chase, and China Construction Bank International, per the Hangzhou-based company’s filing yesterday. Leapmotor did not say how much it plans to raise.

The electric car startup would follow XPeng Motors, Li Auto, and Nio in listing on the Hong Kong Stock Exchange.

The IPO proceeds will go on areas such as research and development, a new plant in Hangzhou, enlarging the firm’s product portfolio, the launch of one to three new models a year until 2025, and advertising, Leapmotor said. Some will also go to support the R&D of its autonomous driving system Leapmotor Pilot and smart cockpit system Leapmotor OS.

Founded in 2015, the company had annual net losses of CNY901 million (USD141.6 million), CNY1.1 billion (USD172.9 million), and CNY2.9 billion from 2019 to last year on revenues of CNY117 million, CNY631.3 million, and CNY3.1 billion.

Its vehicles are priced between CNY150,000 and CNY300,000 (USD23,600 and USD47,200). In the past three years, the firm delivered three models, the S01, the T03 minivan, and the C11 sport utility vehicle, and it is expected to start deliveries of the C01 model in the third quarter of this year. It sold nearly 43,750 vehicles in 2021 and 10,300 in the first two months of this year.

Founder and Chief Executive Zhu Jiangming, who also set up smart video surveillance gear maker Dahua Technology, owns 11.9 percent of Leapmotor. Dahua Chairman and President Fu Liquan and his spouse own 13.5 percent and 5.6 percent, respectively.

Editor: Futura Costaglione