Chinese electric vehicle retailer Aochuang Holdings (ANE.US) has increased the size of its IPO by 380% to raise $30 million.

On Tuesday, Chinese electric vehicle retailer Ao Chuang Holdings (ANE.US) increased the proposed transaction size for its upcoming initial public offering (IPO). The company, headquartered in Haikou, China, currently plans to issue 6 million shares of stock at a price range of $4 to $6 per share, raising $30 million. The company had previously applied to issue 1.3 million shares of stock at the same price range. Based on the midpoint of the price range, Ao Chuang Holdings' fundraising this time will increase by 380% compared to previous expectations. Ao Chuang Holdings significantly increased the number of shares to be issued this time, with the core purpose of meeting the stricter listing requirements of the Nasdaq Stock Exchange. According to current regulations, companies seeking to go public must ensure that their Minimum Public Float is at least $15 million. As a leading passenger Electric Vehicle (EV) retailer in Hainan Province, Ao Chuang Holdings' business covers the full chain of services including new car sales, after-sales maintenance, supply of spare parts, as well as automotive finance and insurance. Currently, the company operates four full-service 4S stores in Haikou City, and has established deep distribution partnerships with leading Chinese new energy vehicle brands such as Geely Geometry, Great Wall ORA, Chery New Energy, and GAC Trumpchi. With Hainan Province accelerating its strategic goal of "banning the sale of fuel vehicles across the entire island", Ao Chuang Holdings is seeking to further solidify its competitive position in the regional market by taking advantage of policy incentives. Founded in 2013, Ao Chuang Holdings plans to list on the Nasdaq, with the stock code ANE. D. Boral Capital serves as the sole bookrunner for this transaction.