EV charging player eyes $1b share sale in city

Shanghai Zhida Technology Development, a maker of electric-vehicle charging systems, is considering an initial public offering in Hong Kong that could raise about HK$1 billion, according to a person with knowledge of the matter.

The Chinese firm is working with Shenwan Hongyuan on a first-time share sale that could take place as early as this year, the person said.

Zhida could file its preliminary prospectus as soon as this week, said the person.

Founded in 2010, Zhida makes at-home charging systems, portable battery kits, as well as charging robots, according to its website, which says it serves more than 1 million car owners and 70 car brands across China.

Meanwhile, fast-fashion company Shein is considering the possibility of switching its initial public offering to London from New York because of hurdles to the listing in the US, according to people with knowledge of the matter.

Shein, which was founded in China but is now headquartered in Singapore, is in the early stages of exploring the London option as it has judged it unlikely that the US Securities and Exchange Commission will approve its IPO, the people said, asking not to be identified discussing confidential information.

Shein is still working on its application to list in the US - its preferred location, the people said.

It would need to file a new overseas listing application with Chinese regulators if it decided to switch to London or elsewhere, they added.

Other venues including Hong Kong or Singapore may also be considered, two of the people said.