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Chinese EV maker Nio pursues Hong Kong secondary listing -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. A logo for Nio Inc., a Chinese company that makes electric vehicles, is displayed on the NYSE’s initial public offering (IPO), day in New York on September 12, 2018. REUTERS/Brendan McDermid/File Photo

According to filings made by stock exchanges Monday, SYDNEY (Reuters) – Chinese electric vehicle maker Nio will conduct a secondary listing in Hong Kong as a way of introduction.

According to the New York Stock Exchange, the firm was approved by the Hong Kong Stock Exchange in order to trade shares.

Nio stated that the Class A shares will begin trading under code 9866 on March 10, once the stock exchange has given its final approval. The company stated that the primary listing of its shares will continue to be in New York.

Companies that list stock in Hong Kong by introduction do not raise capital nor issue new shares, unlike a traditional initial public offering (IPO).

This mechanism is popular with companies who wanted to establish a brand in Hong Kong or the rest of Greater China.

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