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China Tesla rival plans Hong Kong secondary listing

China Tesla rival plans Hong Kong secondary listing

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  • Sun Online Desk
  • 4th August, 2021 04:15:03 PM
  • Print news


Chinese electric car maker Li Auto has said it plans to raise as much as $1.9bn (£1.4bn) in a secondary listing of its shares in Hong Kong.

Shares in the Tesla rival are already traded on the Nasdaq stock market in New York.

Li Auto is the latest Chinese company to raise money closer to its home country in recent months.

The move comes as Chinese firms listed in the US face increasing scrutiny by Beijing and Washington.

The six-year old Chinese start-up said it would issue 100 million shares in the Hong Kong initial public offering (IPO) at a maximum price of HK$150 (£13.85; $19.30) per share, BBC reported.

The firm, which is also known as Li Xiang, said it will offer 10 million shares to Hong Kong investors, with the balance made available to people around the world.