Chinese electric vehicle retailer O'Chung Holdings (ANE.US) prices IPO at $4-6 per share, aiming to raise $6 million.

Chinese electric vehicle retailer Hainan Aochuang New Energy Development Co., Ltd. (hereinafter referred to as Aochuang Holdings) submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) last Friday, planning to raise up to $6 million. The company plans to issue 1.3 million shares at a price of $4 to $6 per share, raising $6 million. Based on the midpoint of the proposed price range, Aochuang Holdings' market value will reach $176 million. Aochuang Holdings, a comprehensive automotive service provider, operates four full-service electric vehicle (EV) dealerships in Haikou, covering various aspects of the electric vehicle lifecycle, including new car sales, maintenance and after-sales services, as well as automotive-related financial and insurance solutions. It has dealership agreements with Chinese electric vehicle manufacturers to offer a diverse product lineup of popular brands such as Geely Geometry, Ora, Chery New Energy, and GAC Trumpchi. Headquartered in Haikou, China, Aochuang Holdings was established in 2013 and reported revenues of $67 million in the 12 months ending March 31, 2024. The company plans to list on the Nasdaq with the stock symbol ANE. Aochuang Holdings secretly filed on March 29, 2024. EF Hutton is the sole bookrunner for the transaction.