The Chinese electric car maker Li Auto is expecting to raise around $1.93 billion in Hong Kong secondary listing. The company is offering 100 million class A ordinary shares to investors at a price of no more than 150 Hong Kong dollars or $19.29. The final pricing will be announced by August 6.
Despite a recent sell-off in Chinese technology stocks triggered by regulatory crackdowns hitting everything from food delivery to ride-hailing, Li Auto pushes ahead with the listing.
To raise money, Li Auto is trying to take advantage of the excitement around the industry and tapping into a trend of US-listed Chinese companies looking to raise money closer to home.
In a statement, Li Auto said it plans to use the proceeds of its share offering for research and development into technologies and future models and expand production capacity and its retail store footprint.
