On Friday, media reports suggest that Li Auto had filed for listing on the Hong Kong Stock Exchange in May. The listing follows Xpeng Motors’ method of a dual primary listing, one in Hong Kong and the other overseas. Goldman Sachs is one of the underwriters of the deal. Li Auto has not respond yet.
The dual listing means that Li Auto will face a much more stringent review than the secondary IPO in Hong Kong.
Li Auto‘s listing is similar to Xpeng Motor’s on the HKSEon July 7. Li Auto has been listed in the US since July 2020. According to HKSE listing regulations, Li Auto does not meet the requirements for a secondary listing in Hong Kong since the company has not been listed overseas for at least two consecutive fiscal years.
According to June delivery data released by Li Auto, 7,713 vehicles were delivered in June, up by 320.6% year-on-year. At the same time, new orders exceeded 10,000 in June, setting a record high. On the occasion of its sixth anniversary, the company said in an open letter on July 1 that it would continue to expand its user base, and it is expected to reach its sales target of 1.6 million vehicles by 2025, covering a wider range of users.
But all has not been well for the company as Li Auto has been plagued by negative news recently. After the release of the 2021 SUV, many users who bought the old one before the release conference accused the company of concealing or deceiving the information about the new model, which led to a sharp depreciation of the vehicle’s value soon after they had picked up their newly purchased car.
Earlier in July, a user claimed to find mercury globules in the seat, but the company replied that it did not use toxic mercury at any stage of production.