Report by Aequitas Research
Pre-IPO analysis - Chinese EV maker aims to raise ~US$1.5bn via Hong Kong listing. Leapmotor's revenue has grown by 26.7x (FY19-21) and it aims to launch seven more models over the next few years which should help to prop up growth. However, its linked entity, Dahua Technology, is on US’s entity list which will ward off some investors. In addition, it needs a whole lot of cash to scale up and appears to be lagging its larger peers. In a previous note Aequitas discussed the company’s past performance and PHIP updates. In their latest piece they undertake a peer comparison.