Chinese manufacturer of electric vehicles Li AUTO announced a decision to place stocks on the Hong Kong Stock Exchange, reports Bloomberg.
The company intends to attract up to 15 billion Hong Kong dollars (1.9 billion dollars), placing 100 million shares worth 150 Hong Kong dollars (every $ 19.3). 10 million shares will be able to acquire Hong Kong investors, the remaining 90 million international depositors. On August 6, the company will announce the cost of papers, and on August 12 auction will begin.
Li Auto wants to expand the base of investors and bypass the ban on the Chinese authorities to place securities by local companies on foreign exchanges without checking cybersecurity. Also, the automaker insures itself in case of leaving the American market.
It will be the second listing for Li Auto. During the IPO on NASDAQ last year, the company attracted 1.3 billion dollars. Previously, another Chinese manufacturer of electric vehicles, considered the main competitor to Tesla, XPeng. In 2020, the company earned $ 1.5 billion during the IPO on the New York Stock Exchange, and in July 2021 she was located on the Hong Kong Stock Exchange and attracted 1.8 billion dollars.
Beijing’s policy tightening against Chinese technological giants forced chapters of these companies more often to sacrifice for charity. In June, the owner of the Meituan food delivery service owner donated 2.3 billion dollars in the securities of the company’s own charitable foundation due to the investigation of the Chinese antimonopoly service, who saw the classical poems in the Classical poems published in the social networks, the Hidden Critique of China’s Government. In July, the co-founder and Director General of Xiaomi Lei Jun handed over the shares of the manufacturer of smartphones by 2.2 billion dollars two charitable foundations.