Nasdaq-listed Chinese electric vehicle (EV) maker Li Auto is looking to raise as much as HK$15bn (US$1.9bn) from its listing on The Stock Exchange of Hong Kong (HKEX).
The company plans to sell 100 million shares on the HKEX at a maximum offer price of HK$150 per share, according to a statement by Li Auto.
Li Auto can raise more than US$1.9bn as the offering of 100 million shares is being split into 10 million shares for Hong Kong-based retail investors and the rest for global investors. The 90 million shares being offered for retail investors can be priced higher, the company said.
The EV maker has opted for a dual primary listing, meaning that Li Auto will be required to fully comply with the HKEX listing rules in addition to the Nasdaq, where it went public last year. Rival Xpeng also had a dual primary listing in June and raised $1.8bn in its offering at the HKEX.
Li Auto raised US$1.1bn from its initial public offering on the Nasdaq last year. Its share price has nearly tripled since listing and is currently at US$33.68.
The Beijing-headquartered electric vehicle maker though is still loss-making. According to its prospectus, Li Auto reported a loss of US$54m in the first quarter of 2021 on revenues of US$546m.