Chinese EV Maker Nio’s Stock Edges Up in Hong Kong Trading Debut
Dou Shicong
DATE:  Mar 10 2022
/ SOURCE:  Yicai
Chinese EV Maker Nio’s Stock Edges Up in Hong Kong Trading Debut Chinese EV Maker Nio’s Stock Edges Up in Hong Kong Trading Debut

(Yicai Global) March 10 -- Shares of Chinese electric vehicle startup Nio inched higher on their first day of trading in Hong Kong.

Nio [HKG: 9866] closed 0.7 percent up at HKD158.90 (USD20.30) today, after earlier jumping as much as 7.4 percent. The carmaker’s New York-listed shares [NYSE: NIO] finished 12.2 percent higher at USD20.17 each yesterday.

Shanghai-based Nio is the only US-listed Chinese EV maker to have chosen to seek a secondary listing by way of introduction, meaning it did not sell new shares or raise any money. It went public in New York in 2018, when it raised USD1 billion from the sale of 160 million shares. 

Nio has nearly CNY60 billion (USD9.5 billion) in cash and has no financing needs, it said earlier. The secondary listing was mainly to provide backup trading for investors, reduce geopolitical risks, expand investors, and provide more flexible trading time.

A number of Chinese businesses have opted for secondary listings in Hong Kong after the US Securities and Exchange Commission stepped up scrutiny of foreign companies last year. Both Xpeng Motors and Li Auto, which also made their debuts in New York, joined the Hong Kong bourse last summer.

Nio delivered 6,131 vehicles last month, up 9.9 percent from a year earlier, but down 36.5 percent from January, mainly due to the Chinese Lunar New Year holiday, according to the company’s data. Since its establishment in 2014, Nio has delivered over 182,800 vehicles.

The joint sponsors of Nio’s Hong Kong listing were Morgan Stanley Asia, Credit Suisse Hong Kong, and China International Capital Corporation Hong Kong Securities.

Editor: Futura Costaglione

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Keywords:   Nio,Secondary Listing