Photo/Shetuwang

Dec. 6 (NBD) -- EHang, a leading autonomous aerial vehicle (AAV) technology platform company in China, upgraded the F-1 prospectus submitted to the U.S. Securities and Exchange Commission on December 5 (Eastern Standard Time). 

According to the upgraded filing, the Guangzhou-based AAV manufacturer will apply to list the American depositary shares (ADSs) on the Nasdaq Global Market. It will offer 3.2 million ADSs, and the initial public offering price per ADS is anticipated to be between 12.50 U.S. dollars and 14.50 U.S. dollars, which means the company could raise up to 46.4 million U.S. dollars in the float.  

Founded in 2014, EHang principally engages in the design, development, manufacturing, sale and operation of AAVs and supporting systems and infrastructure for a broad range of industries and applications, including passenger transportation, logistics, smart city management and aerial media solutions.

As of December 5, 2019, the company had cumulatively delivered 38 passenger-grade AAVs for testing, training and demonstration purposes and developed two command-and-control centers for smart city management.  

EHang's founder and CEO Huazhi Hu has expressed interests in purchasing an aggregate of up to 5 million U.S. dollars of ADSs being offered. At the same time, Ballman Inc., wholly owned by EHang co-founder Shang-Wen Hsiao, intends to buy up to 2-million-U.S. dollar ADSs.

Morgan Stanley, Tiger Brokers, Needham & Company, LLC and Prime Number Capital, LLC will underwrite the offering. 

EHang reported revenue of 66.5 million yuan in 2018, up 109.8 percent from 31.7 million yuan for 2017. Net loss for 2018 stood at 80.5 million yuan, down 7.1 percent year over year. For the first nine months of this year, revenue rose 19.9 percent year over year to 67.1 million yuan, and net loss dropped by 3.9 percent to 47.8 million yuan from the year-ago period.  

Email: gaohan@nbd.com.cn