Deepti Sri · · 1 min readChinese Tesla rival Nio eyes secondary listing in Singapore
Nio, a China-based electric vehicle maker, plans to conduct a secondary listing of its class A ordinary shares on the Singapore Exchange (SGX), after making its Hong Kong stock market debut on March 10.
Nio ES6 electric sports utility vehicle semi-autonomous car / Photo credit: 123rf.com
The Tesla rival has been conditionally allowed to list by the SGX on Thursday, according to a statement from the company. Nio’s class A ordinary shares will be listed at US$0.00025 per share by way of introduction – which means the company won’t sell new shares or raise money.
Nio shares will be fully interchangeable with it’s American depositary shares listed on the New York Stock Exchange (NYSE).
The company is among a number of Chinese firms that have been found not to meet the US Securities and Exchange Commission’s regulatory requirements related to auditors.
See also: The leading Asian tech players eyeing an IPO in 2022 and beyond (Updated)
“Nio will continue to comply with applicable laws and regulations in both China and the US, and strive to maintain its listing status on both the NYSE and the HKEX (Hong Kong Exchange) in compliance with applicable listing rules,” the company said in a statement.
The electric car maker said it is actively exploring possible solutions to protect the interest of its stakeholders.
Editing by Miguel Cordon
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