Chinese EV Maker NIO Debuts in Hong Kong
On Thursday, Chinese electric vehicle maker NIO successfully listed on the Hong Kong Stock Exchange. The company’s ticker symbol is “9866” and the stock closed at HK$158.90 today, after trading as high as HK$169.5. NIO’s move arrives after two other U.S.-traded Chinese EV manufacturers — XPeng and Li Auto — began trading on the Hong Kong exchange last year.
“Thanks to the trust of our users, the commitment of our colleagues, and the support of our investors and partners, NIO has successfully listed on the SEHK,” said William Li, founder, Chairman and Chief Executive Officer of NIO. “While the automotive industry is going through rapid transformation, we will continue to make innovations in technologies, bring superior products and experiences to our users, and create long-term value for our investors.”
NIO, which listed on the New York Stock Exchange in 2018, debuted its shares in Hong Kong by way of introduction with the aim of providing alternative trading places for corporate investors to expand investor groups, while keeping the interests of existing shareholders unaffected.
Previously, when XPeng Motors and Li Auto returned to Hong Kong for their IPOs, they raised HK $14 billion and HK $11.55 billion respectively. NIO, who landed on the HKEx by way of introduction, needs to wait six months to raise funds.
In response, NIO said, “At the end of the third quarter of 2021, the company had a cash reserve of about 47 billion yuan ($7.43 billion), and completed financing worth $2 billion in the fourth quarter of the same year. The company currently has sufficient cash reserves and there is no urgent financing need in the short term.”
In 2022, NIO‘s products and services will officially land in several European countries, including Germany, the Netherlands, Sweden and Denmark. NIO plans to provide services to users in more than 25 countries and regions around the world by 2025 and, as of Thursday, NIO has 384 stores worldwide.
As of February 28, 2022, NIO has delivered 182,853 new cars (including ES8, ES6 and EC6). According to third-party data, NIO ranked second in the global sales ranking of high-end electric vehicles (those which are priced over $50,000 MSRP) in 2021.
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In 2022, NIO will deliver three new models based on its NT2.0 technology platform. The test drive of the ET7 officially began on March 5 and the model will begin deliveries on March 28. The medium-sized ET5 is expected to be delivered in September 2022. Another medium- and large-sized SUV ES7 will be released and delivered later this year.
In terms of factories, the overall upgrade of NIO production line in Anhui Province will be completed in the first half of 2022. In addition, on November 24, 2021, the first batch of equipment of NIO‘s second production base was installed. The first car produced in the second plant will be rolled off the production line in the second quarter this year, and will be officially mass-produced by the third quarter.