Money-losing electric vehicle startup WM Motor Holdings Ltd. has filed for a Hong Kong IPO to fuel its expansion, as a flood of cashed-up industry newcomers such as Baidu and Xiaomi intensify already fierce competition.
With the application, filed to the Hong Kong Stock Exchange on Wednesday, WM is following in the footsteps of its larger Chinese peers Nio Inc., Xpeng Inc. and Li Auto Inc., all of which are already listed in the city.
