Download
China's Tesla rival Li Auto makes HK debut, considers A-shares listing
CGTN
A Li One electric sport utility vehicle on display at a Li Auto showroom in Shanghai, east China, August 11, 2021. /VCG

A Li One electric sport utility vehicle on display at a Li Auto showroom in Shanghai, east China, August 11, 2021. /VCG

Chinese electric vehicle (EV) maker Li Auto, a rival to the U.S. EV titan Tesla, debuted in Hong Kong on Thursday with shares trading flat, while the company also said it is considering an A-shares listing.

The listing makes it the latest Chinese firm that has already traded on Wall Street to seek exposure in Hong Kong, following its Chinese rival XPeng's initial public offering (IPO) last month.

The company raised $1.52 billion by pricing its stock at 118 Hong Kong dollars (about $98). In early trade, its shares slipped to 116.80 Hong Kong dollars, down from its IPO price. The debut followed a 1.1-percent rise in its shares in New York on Wednesday.

Li Auto is internally discussing the possibility of issuing A-shares in the Chinese mainland, according to Shen Yanan, the company's president.

The EV maker plans to set up a new factory in Beijing to expand manufacturing capacity, Shen said.

It also plans to dedicate almost half of its net proceeds to research and development including in "ultra-fast charging technologies," according to its prospectus.

China is the world's largest car market, and it expects new EVs to comprise 25 percent of car sales by 2025.

(With input from agencies)

Search Trends