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China passenger drone maker targets $46m funding in US

EHang aims to list on Nasdaq with Morgan Stanley, Tiger Brokers among underwriting

Chinese drone maker EHang's two-seater EHang 216 autonomous aerial vehicle is readied for a test flight in Yantai, Shandong province, in April 2019.    © Reuters

HONG KONG -- Chinese drone maker EHang Holdings has set terms for an initial public offering on the Nasdaq Global Market with a target of raising up to $46.4 million.

EHang, which initially revealed its listing plan on Oct. 31, will offer 3.2 million American depositary shares at a price range of $12.5 to $14.5, according to an updated prospectus filed with the U.S. Securities and Exchange Commission on Dec. 5.

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