Li Auto (LI) backed tech startup iMotion files for Hong Kong IPO

iMotion Automotive Technology, a Chinese driving technology startup backed by electric vehicle maker Li Auto (NASDAQ: LI) has filed for an initial public offering in Hong Kong and is said to be looking to raise up to US$300 million (HK$2.33 billion).

Established in December 2016 by Song Yang, a former executive at German auto supplier Bosch, iMotion's revenue last year jumped 6.4 times to 1.33 billion yuan (HK$1.51 billion). Automaker Zhejiang Geely Holding Group was, by far, its largest customer in 2022, accounting for 96.4% of total revenue in the year.

iMotion's net loss narrowed by 26 percent to 342 million yuan in 2022, and it was reported in March that the firm could raise from US$200 million to US$300 million from the offering.

Shares of LI are up 1.77% in pre-market trading on Thursday.

By Michael Elkins | [email protected]

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