FILE PHOTO: People stand near the logo of Chinese electric vehicle (EV) maker Li Auto at a product launch event in Beijing, China May 25, 2021. REUTERS/Yilei Sun
August 3, 2021
(Reuters) – Chinese electric vehicle manufacturer Li Auto Inc said on Tuesday it was looking to raise as much as HK$15.0 billion ($1.93 billion) in an initial public offering (IPO) in Hong Kong.
Li Auto’s proposal for secondary listing comes nearly a month after rival XPeng Inc raised $1.8 billion in its Hong Kong debut, aiming to bank on the rising investor interest in electric vehicle makers.
Li Auto, a six-year old Chinese startup which raised $1.09 billion through its Nasdaq listing in July last year, said it would issue 100 million shares in its Hong Kong IPO at a maximum offer price of HK$150 per share.
The offer also includes a greenshoe, or over-allotment option, to sell a further 15 million shares within 30 days after listing, likely taking the total amount raised to up to HK$17.25 billion.
Earlier in the week, Li Auto reported a more than three-fold jump in the delivery of its only mid-size crossover SUV, Li ONEs, crossing the 8,000-vehicle milestone in July.
The EV maker will offer up to 10 million shares to investors in Hong Kong and 90 million shares to global investors, it said in an exchange filing.
($1 = 7.7728 Hong Kong dollars)
(Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi Aich)
