NIO Announces Proposed Secondary Listing in Singapore
On Friday, Chinese electric vehicle maker NIO announced its proposed secondary listing by way of introduction to the Main Board of the Singapore Exchange, following its IPO at the Hong Kong Stock Exchange on March 10.
NIO pointed out in an announcement that its Class A ordinary shares will be listed at $0.00025 per share, without involving new share issuance and fundraising. Upon listing on the Main Board of the Singapore Exchange, locally listed shares will be fully fungible with the ADSs listed on the NYSE.
The company received a conditional eligibility-to-list (ETL) letter from the Singapore Exchange on Thursday for the IPO, as well as a quotation of the shares.
On Wednesday, the official website of the United States Securities and Exchange Commission (SEC) showed that the agency had added 88 Chinese companies, including NIO, XPeng Motors, JD.com, Bilibili and Pinduoduo, to the “pre-delisting” list, making the number of China Concepts Stock firms on the list rise to 105.
On Thursday, NIO responded that it understands its identification on the list may have resulted from its filing of an annual report on Form 20-F for the fiscal year ended December 31, 2021. The EV maker says its has been actively exploring possible solutions to protect the interest of its stakeholders. It will continue to comply with applicable laws and regulations in both China and the United States, and will strive to maintain its listing status on both the NYSE and the HKEx in compliance with applicable listing rules.
SEE ALSO: EV Firm NIO Manufactures 200,000th Car
NIO delivered 5,074 new cars in April, down 28.6% year-on-year. Since the beginning of this year, a total of 30,842 vehicles have been delivered, up 13.5% year-on-year. In view of the decreasing delivery volume in April, NIO said that to meet ever-increasing order demand, it is necessary to overcome the pressure brought about by the pandemic and congested supply chains. At present, production is gradually recovering, and it is making joint efforts with all parties to strive for higher production and delivery.
