(Bloomberg) — Shares of Nio Inc. started buying and selling in Hong Kong on Thursday after the Chinese language electric-car maker selected an inventory path that doesn’t contain promoting new shares or elevating funds.
Most Learn from Bloomberg
The inventory traded at HK$164.50 as of 9:40 a.m. in Hong Kong after opening at HK$160. That compares to a closing value of $20.17 (HK$157.71) for its American depository receipts on Wednesday. The New York-listed shared have misplaced about 36% to this point this yr.
The transfer completes a homecoming of types by all three U.S.-traded Chinese language EV producers, after Xpeng Inc. and Li Auto Inc. started buying and selling on the Hong Kong change final yr. Nonetheless, not like its rivals, Shanghai-based Nio determined to checklist within the Asian monetary hub by the use of introduction, a better strategy to be a part of this marketplace for companies already traded elsewhere. It gives buyers a hedge in opposition to the danger of being delisted from U.S. exchanges.
READ: Nio’s Homecoming Itemizing Exhibits Path for Chinese language ADRs: ECM Watch
Morgan Stanley, Credit score Suisse Group AG and China Worldwide Capital Corp. are the joint sponsors of Nio’s Hong Kong itemizing.
Nio initially filed for the itemizing in March 2021, however that was delayed amid regulatory considerations about features of its construction, Bloomberg Information reported final yr.
Most Learn from Bloomberg Businessweek
©2022 Bloomberg L.P.