iMotion Automotive Technology, a Chinese driving technology startup backed by electric vehicle maker Li Auto, has filed for an initial public offering in Hong Kong, the latest sign Chinese automakers are stepping up their efforts in automated driving. The company saw a compound growth rate of more than 400% over the past three years, with revenue surging to RMB 1.3 billion ($190 million) in 2022 from RMB 178 million a year earlier, according to a prospectus filed by the company on Tuesday. Founded in 2016 by Song Yang, a former executive at German auto supplier Bosch, the Suzhou-based startup has raised RMB 811 million at a valuation of RMB 3.3 billion as of last year, with backers including Li Auto and South Korean parts maker Mando. [Caixin, in Chinese]
