Hozon Auto, the company that owns the Neta auto brand, has recently completed a new round of financing of more than 2 billion yuan. The primary investors are the CRRC fund controlled by the CRRC Corp and Shenzhen state-owned venture capital.
This round of financing is the third of Neta’s Series D funding. After the completion of the Series D funding, the valuation of Neta Auto exceeded 25 billion yuan.
At present, Neta Auto has started a pre-IPO round with a target valuation of about 45 billion yuan (7 billion US dollars) and plans to launch an IPO in Hong Kong within the year.
Neta’s affiliated company, Hozon Auto, was founded in October 2014 with a registered capital of around 1.672 billion yuan. The founder of the company is Fang Yunzhou, former deputy director of the Center for Energy Conservation and New Energy Vehicles of Tsinghua University, who was also responsible for the new energy project of Chery.
According to the China Passenger Car Association’s retail sales data, in September 2021, Neta Auto’s sales reached 7,699 units for the first time, a month-on-month increase of 16.4%. In the first nine months of 2021, Neta Auto delivered a total of 41,427 vehicles, a 425% increase year on year, propelling it to become one of the industry leaders.