HONG KONG: Electric vehicle start-up Leap Motor, co-founded by surveillance equipment maker Dahua Technology, is seeking to raise 2.5 billion yuan in its latest funding round to finance growth, three people with knowledge of the matter said.
Deutsche Bank and Chinese brokerage Huatai United Securities are advising the fundraising as Leap Motor looks to attract both foreign and domestic investors, the people said, declining to be named as the information is confidential. While overall auto sales in China fell last year for the first time since the 1990s, its NEV market has continued to grow. NEV annual sales hit 1.26 million vehicles in 2018, up 61.7 percent from 2017, according to official data.
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