New Stock News | Proton Car Plans to Go Public in Hong Kong with an IPO of Approximately $200 Million within the Year.

According to media reports, Chinese electric truck manufacturer "Proton Car" plans to go public in Hong Kong this year, with a proposed fundraising of $200 million (approximately HK$1.56 billion). Sources familiar with the matter said that Proton Car is in discussions with potential advisors to help prepare for a potential stock issuance. The sources added that the considerations are still ongoing and the IPO may not ultimately take place. Information shows that Proton Car was established in April 2022, focusing on the research and production of electric trucks using hydrogen fuel cells, with business covering new energy, smart connected vehicles, new material technology, and component manufacturing and sales. In July last year, Proton Car Technology co-founder and IoT chief engineer Yang Yang mentioned that Hong Kong has a significant demand from customers and clear financing advantages, with plans to go public in Hong Kong by 2025. Yang Yang stated that the company has developed rapidly, with sales exceeding RMB 1 billion in 2023, and has received multiple rounds of financing. There are plans to establish a hydrogen research institute in Hong Kong and utilize university resources to accelerate technological innovation. Yang Yang emphasized that Hong Kong is helpful for companies to expand into international markets and further develop business in Southeast Asia, Europe, America, and the Middle East.