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| Li Auto is the latest Chinese company to raise money in Hong Kong. The Li-One is the company's only model currently on the market. It is a plug-in hybrid that has a fuel tank to charge the battery and extend its range although the petrol engine does not directly drive the car's wheels. (Photo by= Getty Images) |
[Asia News = Reporter Reakkana] Chinese electric car maker Li Auto has said it plans to raise as much as $1.9bn (£1.4bn) in a secondary listing of its shares in Hong Kong. BBC reported that shares in the Tesla rival are already traded on the Nasdaq stock market in New York.
Li Auto is the latest Chinese company to raise money closer to its home country in recent months. The move comes while Chinese firms listed in the US face increasing scrutiny by Beijing and Washington. The six-year-old Chinese start-up said it would issue 100 million shares in the Hong Kong initial public offering (IPO) at a maximum price of HK$150 (£13.85; $19.30) per share. The firm, which is also known as Li Xiang, said it will offer 10 million shares to Hong Kong investors, with the balance made available to people around the world.
The final pricing of the shares is due to be announced before the end of this week. The Beijing-based company raised almost $1.1bn through its Nasdaq listing a year ago. On Sunday, Li Auto said it delivered 8,589 of its Li-One vehicles in July, a monthly record for the firm. Meanwhile, the Li One is the company's only model currently on the market.
