Chinese electric vehicle maker Li Auto Inc has filed for a US initial public offering on Saturday with a string of leading banks and equity firms including Snowball X and Goldman Sachs being underwriters.

According to its prospectus, the company registered a revenue of 850 million yuan ($120 million) and a gross profit of 68 million yuan in the first quarter of this year.

Li Xiang, founder and CEO of Li Auto, said earlier that he hoped to establish a company that has a valuation of up to $100 billion.

Founded in 2015, the EV startup mainly produces smart electric SUVs. Its six-seater Li ONE model went into mass production in November last year and has sold 10,400 units by June.

The fresh deal was co-managed by Snowball X, a leading online equity company of Snowball Group. The platform leverages advanced technology to provide investors access to global securities listed on major stock markets.

The active engagement of Snowball X into the IPO filing of Li Auto means that Snowball Group officially realized the closed loop of IPO financial services, which ranged from marketing to underwriting.

Snowball X said it will open an application channel to Li Auto for investors. Investors can also participate in the new purchase process all through its app.

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