Chinese electric vehicle company AZI.US applies for another listing in the United States, planning to raise $11 million.

Chinese auto company Zhongchi CheFu (AZI.US) re-submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) last Friday. The company currently plans to issue 2.5 million shares of stock at a price of $4 to $5 per share, raising $11 million. Based on the midpoint of the proposed price range, Zhongchi CheFu's market value is $472 million. The company initially applied for a U.S. listing in July 2023, with plans to raise $29 million. Over the following month, the company set terms, and made several amendments to the terms, before finally withdrawing the application last Wednesday. It is understood that Zhongchi CheFu provides car products and services in China through online and offline channels. The company's business segments include new car sales (65% of 2023 fiscal year revenue), mainly parallel imported cars; automotive parts and accessories sales (32% of 2023 fiscal year revenue), mainly lubricants; and automotive insurance-related services (3% of 2023 fiscal year revenue). The company, headquartered in Beijing, China, was founded in 2010, and had revenue of $118 million in the 12 months leading up to March 31, 2024. The company plans to list on the Nasdaq under the stock symbol "AZI." Kingswood Capital Markets is the sole bookrunner for this transaction.