Hozon's IPO plan comes after it announced a 7 billion yuan pre-IPO fundraising late on Tuesday in a social media statement. More banks could be added to the syndicate working on the IPO as the deal progresses, they said. Local Hong Kong media reported earlier this week Hozon could raise up to $1 billion in a local listing. Hozon is building its first overseas plant in Thailand and aims to start production there in January 2024. Reporting by Kane Wu in Hong Kong and Scott Murdoch in Sydney; Additional reporting Zhang Yan; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

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Persons: Tingshu Wang, Morgan Stanley, CICC, Kane Wu, Scott Murdoch, Zhang Yan, David Holmes Organizations: Hozon, Beijing International Automotive, Auto, REUTERS, Rights, Zhejiang, New Energy Automobile Co, HONG, Hozon Auto, China International Capital Corporation, Hong, Hong Kong Stock Exchange, Thomson Locations: Auto China, Beijing, China, HONG KONG, SYDNEY, Hong Kong, Indonesia, Thailand, Myanmar, Nepal, Sydney