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Nio beginnings: Blue skies via the Little Red Dot

Chew Sutat
Chew Sutat6/9/2022 10:42 AM GMT+08  • 9 min read
Nio beginnings: Blue skies via the Little Red Dot
Nio’s secondary listing on the SGX has seen active trading interest / Photo: SGX
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In late May, an unusual event happened right in our neighbourhood. William Li’s Nio Inc, a China-based electric vehicle maker already primary-listed in New York and secondary-listed in Hong Kong, added Singapore to its list of capital raising and trading venues.

Aside from the exciting EVs that graced the podium of the building where the Singapore Exchange’s (SGX) offices in Shenton Way are, adding a touch of glamour to a formal neighbourhood, Nio has also established a R&D centre for AI and autonomous driving here and intends to collaborate with science and research institutions.

A $38 billion company at point of listing by introduction, it has thus far confounded the usual naysayers on a number of fronts. First, it made the rare move of choosing a tertiary listing and in Singapore. Next, it is already generating some basic daily liquidity of regularly having daily turnover of over $1 million — more than enough for the average retail investor to buy or sell. SGX, uniquely amongst Asian exchanges, has enlisted market makers and facilitated a pool of ADRs for trading, and even more than Hong Kong on some days in June.

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