China's EV innovator Leading Ideal to file IPO in US

Visitors look at the chassis of Leading Ideal One-the extended-range electric vehicle. [Photo by Zhang Dandan/China Daily]

Leading Ideal officially submitted a prospectus to the US Securities and Exchange Commission for listing on the NASDAQ on Friday, Sina Finance reported on Sunday.

The company plans to raise up to $100 million in its initial public offering with Snowball Securities as the IPO underwriter.

The prospectus shows that Li Xiang is the largest natural person shareholder of Leading Ideal, with around 356 million shares, accounting for about 25.1 percent of the total share capital and having 70.3 percent of the voting rights.

Wang Xing and its related party Meituan are the second-largest shareholders of Leading Ideal, with 332 million shares, accounting for about 23.5 percent of the total share capital, but only 9.3 percent of the voting rights.

Shen Yanan, the co-founder and president of Leading Ideal, holds 1.1 percent of the shares, and Li Tie, co-founder and CFO, 1.0 percent of the shares.

The total revenue of Leading Ideal, an innovator in China's new energy vehicle market, was 284 million yuan ($40.2 million) with 281 million yuan sales of electric vehicles in 2019.

In the first quarter of this year, the total revenue of Leading Ideal was 852 million yuan with 841.1 million yuan sales of electric vehicles.

As of June 30, Leading Ideal has delivered over 10,400 Leading Ideal One-the extended-range electric vehicle and the company's production capacity is expected to reach 100,000 in 2020.