Chinese EV maker Nio pursues Hong Kong secondary listing By Reuters
© Reuters. FILE PHOTO: Chinese electric vehicle start-up Nio Inc. company logo is on display on its initial public offering (IPO) day at the NYSE in New York, U.S., September 12, 2018. REUTERS/Brendan McDermid/File PhotoSYDNEY (Reuters) – Chinese electric vehicle (EV) maker Nio (NYSE:) Inc will carry out a secondary listing in Hong Kong by way of introduction, according to stock exchange filings on Monday.
The New York-listed firm said it had received preliminary approval from the Hong Kong Stock Exchange to trade its shares in the city.
Nio said the Class A shares are due to start trading on March 10 under the code 9866 once it receives final approval from the stock exchange. Its primary listing will remain in New York, the company said.
Unlike a typical initial public offering (IPO) or secondary listing, companies listing stock by introduction in Hong Kong raise no capital and issue no new shares.
The mechanism was popular among companies in the past looking to build a brand in Hong Kong and the rest of Greater China.
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