Chinese electric-vehicle maker Nio will start trading on the Hong Kong stock exchange on March 10 after applying for a secondary listing by way of introduction, which does not involve selling new shares or raising any money.
The company initially filed for a Hong Kong listing in March 2021, but that was delayed amid regulatory concerns about aspects of its structure.
The move completes a homecoming of sorts by all three US-traded Chinese EV manufacturers - Nio, Xpeng (9868) and Li Auto (2015) - after the latter pair listed on the Hong Kong exchange last year.
A second listing in Hong Kong provides a hedge against the risk of being delisted from US exchanges.
However, unlike its rivals, Nio chose to list by way of introduction - an easier way for a company already listed elsewhere to join the Hong Kong market. Nio won't sell shares or raise new funding, so won't incur additional listing expenses.
Xpeng raised about US$2 billion (HK$15.6 billion) in its Hong Kong listing, while Li Auto raised around US$1.7 billion.
This came as Asian insurer FWD Group, which was backed by Hong Kong billionaire Richard Li, filed for an initial public offering in Hong Kong yesterday.
Earlier Bloomberg reported that FWD could seek to raise about US$1 billion in a share sale in the city.
In a separate statement yesterday, it said it recorded a 28 percent growth in the new business value last year to US$686 million.
In other IPO news, Fenbi.com, a Chinese education platform for aspiring civil servants, is considering filing for a Hong Kong listing, which could raise US$300 million in an offering, people familiar with the matter said.
And fintech firm OneConnect Financial Technology, a subsidiary of Ping An Insurance (2318), has filed an application to list in Hong Kong by way of introduction.
Nio will list by way of introduction. Bloomberg
