China’s Li Auto to raise up to $1.93 billion from Hong Kong listing

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A Li Xiang One hybrid SUV is on display during the 18th Guangzhou International Automobile Exhibition at China Import and Export Fair Complex on November 23, 2020 in China.

Li Zhihao | Visual China Group | Getty Images

GUANGZHOU, China — Chinese electric vehicle start-up Li Auto plans to raise around $1.93 billion in a Hong Kong secondary listing.

The Nasdaq-listed company said it will offer 100 million class A ordinary shares to investors at a price of no more than 150 Hong Kong dollars or $19.29. Final pricing will be announced by Aug. 6.

At 150 Hong Kong dollars per share, Li Auto would raise 15 billion Hong Kong dollars or $1.93 billion.

Li Auto is pushing ahead with the listing despite a recent sell-off in Chinese technology stocks that was triggered by regulatory crackdowns hitting everything from food delivery to ride hailing.

Chinese electric vehicle makers are trying to take advantage of the excitement around the industry to raise money.

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