Li Auto Seeks to Raise $1.9 Billion in Hong Kong Offering

li auto
(Source: Li Auto)

Chinese electric vehicle maker Li Auto said on Tuesday that it plans to sell 100 million shares at a maximum offer price of HK$150 per share.

The offer also includes an over-allotment option to sell a further 15 million Class A common shares, accounting for 15% of the number of shares issued August 3.

Li Auto also said that it will use the funds raised from the offering for research and development of battery technology as well as intelligent vehicles and autonomous driving technologies. It will further expand the number of charging points available in its current markets.

The six-year-old auto company raised $1.09 billion by listing on NASDAQ in July last year. It is expected to start trading on the Hong Kong exchange on August 12.

SEE ALSO: Xpeng’s July Deliveries Exceed 8,000 Units for First Time, With P7 Breaking Growth Record for Three Consecutive Months

Earlier this week, Li Auto reported it delivered 8,589 units of the Ideal ONE in July, up 251.3% from July 2020 and 11.4% from June 2021.

Li Auto’s proposal for secondary listing comes nearly a month after its rival XPeng raised $1.8 billion in its Hong Kong debut. Xpeng has just recorded its highest-ever monthly delivery at 8,040 EVs in July.