Chinese electric vehicle automaker NIO plans to seek secondary listings in Hong Kong and Singapore, according to stock exchange filings seen on Monday, as reported by Reuters.
NIO has already received preliminary approval from the Hong Kong Stock Exchange, as an application for a secondary listing is still being reviewed by the Singapore Exchange.
Upon receiving final approval, the automaker says its Class A shares will be available to begin trading in Hong Kong on March 10, under the code 9866.
NIO to Unveil ES7 Electric SUV in April, Delivery in 2022 https://t.co/axojI57F7c
— TeslaNorth.com (@RealTeslaNorth) February 15, 2022
NIO will also retain its primary listing on the New York Stock Exchange, representing a common combination of moves for companies in China wanting to break into the Hong Kong and Singapore markets.
For companies listing stock by introduction like NIO is doing, it isn’t required that companies raise capital or issue new shares, unlike with Initial Public Offering (IPO) entries or typical secondary listings.
Last month, NIO joined the Danish Car Importers Association, hinting at a probable launch in the country in the months to come.
In addition, NIO unveiled its first battery swap station in Norway in January ahead of plans to rival Tesla and Volkswagen in the country.
NIO stock is up 8.3% on Monday as of writing, trading at $22.69 per share.
