Nio plans to place its shares in Singapore. This will be the third location of the Chinese electric car manufacturer after its IPO in New York and the secondary listing in Hong Kong.
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Chinese electric vehicle maker Nio said on Friday it plans to hold a secondary listing of shares in Singapore.
Nio, which is listed on the New York Stock Exchange, also held a secondary listing in Hong Kong in March. Singapore will be the third exchange on which Nio shares are traded.
The move came after Nio and dozens of other Chinese companies listed in the U.S. were added to the list of U.S. Securities and Exchange Commission firms facing possible deviations from U.S. exchanges.
Former President Donald Trump passed a law in 2020 that required foreign companies listed in the U.S. to comply with higher auditing standards. Those who did not follow the rules could be excluded.
To reduce the risk of delisting, major Chinese companies listed in the US, such as Alibaba, JD.com and others, have conducted secondary listings, mostly in Hong Kong.
But Nio’s move to third place, particularly in Singapore, is a unique move that many other Chinese firms have yet to follow.
Competitors Nio Xpeng and Li Auto conducted secondary listings in Hong Kong.
Chinese manufacturer EV Nio offers a secondary listing in Singapore
Source link Chinese manufacturer EV Nio offers a secondary listing in Singapore