Chinese electric vehicle manufacturer NIO has been given pre-approval for a secondary listing in Hong Kong. The company’s shares are due to initiate trading on March 10 on the bourse under the ticker “9866,” reports Caixin. NIO is listing by introduction—a way for listed firms with good compliance to trade their existing shares on another bourse. This means the New York-listed firm will not sell any fresh shares or raise any money from the move.
Morgan Stanley, Credit Suisse AG, and CICC Capital are its joint sponsors. The company’s separate application to trade on the Singapore Stock Exchange is still under review, it said.
Bruce Pang, head of macro and strategy research at China Renaissance Securities Hong Kong, said that listing by way of introduction is “an alternative option” for US-listed Chinese companies in an environment of regulatory uncertainty.
You must log in to post a comment.