Chinese electric vehicle maker Hozon Auto has reportedly been preparing for an initial public offering in Hong Kong since late last year. A number of cornerstone investors, who commit in advance to invest a fixed amount of money or purchase a fixed number of shares in an IPO, have subscribed for about RMB 2 billion ($278 million) in total, D1EV reported on Monday. The Shanghai-headquartered automaker has worked with several major investment banks, including Morgan Stanley and China International Capital Corporation (CICC), for a stock market listing that could raise up to $1 billion, according to a Sept. 1 report by Reuters. Hozon, also known as Neta and backed by Chinese batter giant CATL, delivered roughly 127,500 EVs last year, representing a 16% decline compared with 2022. [TechNode reporting, D1EV, in Chinese]Related