Meituan-backed Chinese EV maker Li Auto files for US listing

FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton/File Photo

Chinese electric vehicle (EV) maker Li Auto Inc, backed by food delivery giant Meituan Dianping, has filed for a U.S. initial public offering.

The move, announced on Friday, comes as share prices of EV makers including Tesla Inc and Nio Inc have surged in recent months.

Five-year-old Li Auto, formerly known as CHJ Automotive, is building Li ONE extended-range electric sport-utility vehicles in China’s eastern city of Changzhou.

Unlike rival Tesla and Nio’s pure battery electric vehicles, Li ONE allows drivers to charge their cars with electricity or gasoline. Li Auto has 21 showrooms in China, the world’s biggest auto market, and aims to operate 60 by the end of this year.

The Beijing-based company, led by chief executive Li Xiang, sold 9,666 vehicles in the first six months this year. China’s overall electric vehicle market, however, fell for the twelfth straight month in June.

In a filing to U.S. Securities and Exchange Commission, Li Auto said it intends to list its shares on the Nasdaq under the symbol “LI“.

Goldman Sachs, Morgan Stanley and UBS are the underwriters for the IPO.

Reuters reported in January that Li Auto filed for a U.S. initial public offering, aiming to raise at least $500 million, citing people familiar with the matter.

Reuters

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.