Chinese EV maker Nio pursues secondary listings in Singapore, Hong Kong

CHINESE electric vehicle (EV) maker Nio is seeking secondary listings on the main boards of Singapore's and Hong Kong's stock exchanges.

The company - widely seen as one of Tesla's closest competitors in China - has received in-principle approval for a secondary listing on The Stock Exchange of Hong Kong, it said in a press statement on Sunday (Feb 27).

Meanwhile, its application for a listing on the Singapore Exchange's mainboard is still being reviewed as at Feb 18, according to a prospectus posted on the Hong Kong Exchange.

Nio said its Class A shares are due to start trading on Mar 10, 9 am, in Hong Kong under the stock code 9866. Each Class A share - which entitles the holder to 1 vote - has a par value of US$0.00025 apiece and will be traded in board lots of 10 shares.

Upon their listing, the HK-listed shares will be fully fungible with the American depositary shares listed on the New York Stock Exchange - where Nio is primarily listed.

Post-secondary listing, Nio founder, chairman and chief executive Bin Li will beneficially own about 17 million Class A shares and 148.5 million Class C shares in the company, representing 44.5 per cent of voting rights.

Unlike typical initial public offerings, companies that list stock by introduction in Hong Kong do not raise capital or issue new shares.

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