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EV Maker Weltmeister Applies for Hong Kong IPO

Garrett_Li

Garrett_...

· 2022.06.03 09:13

Haitong International, CMB International Capital and BOC International the IPO’s joint sponsors.

Image Source: Visual China

Image Source: Visual China

BEIJING, June 2 (TMTPOST) — Chinese electric vehicle maker Weltmeister has submitted its prospectus to the Stock Exchanges of Hong Kong on Wednesday, according to a news report from IPO Zaozhidao.

Haitong International, CMB International Capital and BOC International the IPO’s joint sponsors.

Founded in 2015, Weltmeister has rolled out its EX 5, EX 6, W6, E5 and M7 model, covering SUV and passenger cars.

As of December 31, 2021, Weltmeister’s EX 5 electric car is the most popular electric SUV in China in terms of sales. The company’s M7, which is scheduled to launch in the second half of 2022, will equipped Weltmeister’s inhouse L4 AVP. It is said that the hardware grants vehicles L5 autonomous driving capacity.

Information from China Insights Consultancy shows that Weltmeister enjoyed the biggest sales of electric SUV in the Chinese market in 2021. In 2021, the company’s electric vehicle and smart electric vehicle sales both ranked third in the Chinese market among domestic companies.

After the launch of M7, Weltmeister will become the electric car company with the most electric car models on the market between 2018 and 2022.

Weltmeister had sold 83,495 electric cars between August 2018 and December 31, 2021. It is worth noting that the company delivered 44,152 electric cars in 2021, registering year-on-year growth of almost 100%.

As of December 31, 2021, Weltmeister had a sales and service network consisting of 621 partners, including 397 Weltmeister experience outlets across 211 cities and 180 Weltmeister user centers.

Information from China Insights Consultancy shows the company’s plants in Zhejiang and Hubei Province can provide an annual production capacity of 250,000 units, making the company an industry leader in the country.

The company’s revenues between 2019 and 2021 were 1.762 billion yuan, 2.672 billion yuan and 4.743 billion yuan.

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