Chinese electric vehicle maker NIO Inc. filed a document to the Hong Kong Stock Exchange (HKEx) on Monday, expressing plans to list on its Main Board by way of introduction. Morgan Stanley, Credit Suisse and CICC are acting as joint sponsors of the proposed move. According to the prospectus, William Li, Founder, Chairman and CEO of NIO, holds 10.6% of the shares, while Tencent holds 9.8%.
According to the HKEx, listing by way of introduction provides companies with shares traded on other stock exchanges a path to listing in Hong Kong, either through a dual primary or secondary listing, without raising funds. This form of listing is suitable for applicants who already have a broad shareholder base and do not want to incur additional listing fees for raising funds.
NIO announced that it has applied for the secondary listing of Class A ordinary shares on the HKEx in accordance with local rules, and will not issue or dispose shares in connection with this listing.
Class A ordinary shares of NIO are expected to be traded on the Hong Kong Stock Exchange from March 10, 2022, with the stock code 9866. They will be traded in units of 10 Class A ordinary shares each, and transactions will be conducted in Hong Kong dollars.
Since it listed on the U.S. stock market in 2018, NIO has developed steadily. Up to now, it has 384 sales stores and over 200 after-sales service centers around the world. It has built over 800 battery swapping stations and more than 7,400 charging piles.
In 2021, the firm delivered 91,429 new cars, up 109.1% year-on-year. As of January 31, 2022, it has delivered 176,722 smart electric vehicles. In 2022, it will release three new models based on the NT2.0 autonomous driving technology platform.
In addition, in July and August, 2021, NIO‘s domestic competitors XPeng Motors and Li Auto proposed their own secondary listings on the HKEx, indicating that the three new energy vehicle firms may soon find themselves gathered in the same trading venue.