A SHANGHAI-BASED electric vehicle (EV) maker, whose top-end HiPhi sport utility vehicles come with a price tag of as much as 800,000 yuan (US$126,000), is considering a Hong Kong initial public offering (IPO) as soon as this year, according to people familiar with the matter.

Human Horizons Group Inc. is working with UBS Group AG and Morgan Stanley for a potential listing that could raise about US$300 million to US$500 million, the people said.

The automaker originally planned a U.S. listing but has now shifted the venue to Hong Kong, the people said. Deliberations are still ongoing and details such as the fundraising amount and timeline could change, they added.

Representatives for UBS and Morgan Stanley declined to comment yesterday, while Human Horizons yesterday didn’t immediately respond to requests for comment.

Established in 2017, Human Horizons Group designs and manufactures the HiPhi range of premium electric cars that were announced in 2019.

The following year, the EV startup showcased an autonomous valet parking technology using 5G in a production model of the HiPhi X sport utility vehicle.

Since their debut in May 2021, the company has sold more than 4,200 units of those high-end vehicles, it said in a statement Tuesday.

Human Horizons is the latest to join a cluster of mainland EV companies that have lined up for their first-time share sales in Hong Kong.

Hozon New Energy Automobile Co. is weighing an IPO to raise about US$1 billion. WM Motor Technology Co. is also targeting a US$1 billion Hong Kong IPO this year. Sequoia Capital China-backed Leapmotor is working with banks on a potential listing in the city as soon as this year. (SD-Agencies)