China-based electric car maker Nio, which was reportedly mulling a secondary listing on the Singapore Exchange, has confirmed it has received its approval in principle to list on the Hong Kong exchange instead.
However, Nio, which is already listed on the New York Stock Exchange, has too applied for a secondary listing on SGX.
According to the company’s prospectus, the application is “under review” and that it expects to be eventually listed on SGX after it has done so in Hong Kong.
“We will make definitive plans of such listing and keep our shareholders informed of the status of the proposed listing on SGX to the extent possible,” says Nio.
The listing in Hong Kong will be by way of introduction and will be similarly so for Singapore.
see also: "China's Tesla" Nio mulling SGX secondary listing
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With Nio’s Hong Kong, it will join two other China-based electric car makers Xpeng and Li Auto which are similarly listed in the US first, but have joined the “home coming” wave to Hong Kong amid persistent tensions between US and China.
Nio’s Hong Kong listing’s joint sponsors are Morgan Stanley Asia, Credit Suisse (Hong Kong) and China International Capital Corporation Hong Kong Securities.
Nio shares quoted in the US last traded on Feb 25 at US$20.94, down 1.32% for the day and down 37.44% year to date.