Nio, an electrical automobile upstart from China, is planning to listing its shares in Singapore, which can make the city-state the third base the place it trades as geopolitical tensions between China and the U.S. heighten.
Nio stated on Friday that it’s searching for a secondary itemizing of its Class A atypical shares “by way of introduction” on the Singapore Exchange Securities Trading Limited, a manner to listing securities already in challenge on one other alternate.
The firm’s shares will proceed to be primarily listed and traded on the New York Stock Exchange, the place it debuted again in 2018. Earlier this yr, Nio accomplished a secondary itemizing in Hong Kong.
The announcement got here after the U.S. Securities Exchange Commission added over 80 firms to a listing of largely Chinese firms dealing with expulsion from U.S. exchanges, which incorporates Nio and different tech behemoths like microblogging platform Weibo, video streaming web site Bilibili, e-commerce platforms JD.com and Pinduoduo, Tencent Music Entertainment (Tencent’s music streaming empire) and gaming firm NetEase.
Li Auto and Xpeng, that are Nio’s rivals in China, are additionally on the listing.
The delisting watchlist represents a longtime standoff between accounting authorities in China and the U.S. In 2020, the Trump administration handed a invoice demanding extra visibility into the books of U.S.-listed overseas corporations, zeroing in on the auditing practices of Chinese entities. But the coverage has not sat effectively with nations reluctant to flip over the info of their homegrown companies, fearing nationwide safety dangers.
A handful of Chinese tech firms have acted preemptively by pursuing secondary listings effectively earlier than they had been placed on the watchlist. The Hong Kong Stock Exchange noticed a wave of “homecoming listings” by giants like Alibaba, JD.com and NetEase, which might assist them entice buyers at residence who’re extra aware of their companies whereas hedging towards the risk of being kicked off U.S. bourses.
China’s EV darling Nio turns to Hong Kong and Singapore amid US delisting risk – TechCrunch & More Latest News Update
China’s EV darling Nio turns to Hong Kong and Singapore amid US delisting risk – TechCrunch & More Live News
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China’s EV darling Nio turns to Hong Kong and Singapore amid US delisting risk – TechCrunch & More News Today
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