Li Auto Inc, a Chinese electric vehicle maker, has filed Form F-1 Registration Statement on July 10, 2020 with the U.S. Securities and Exchange Commission to raise up to $100 million in an IPO. Pricing terms are yet to announce.
The company designs, develops, manufactures, and sells premium electric vehicle. Unlike rival Tesla (Nasdaq: TSLA) and Nio (NYSE: NIO) pure battery electric vehicles, the company allows drivers to charge their cars with electricity or gasoline.
The Beijing, China-based company was founded in 2015 and booked $163 million in sales for the 12 months ended March 31, 2020. It plans to list on the Nasdaq Global Market under the symbol “LI.” Goldman Sachs, Morgan Stanley, UBS Investment Bank, and CICC are underwriters of the IPO.
The company engages Skadden, Arps, Slate, Meagher & Flom LLP as US Securities Counsel, and PricewaterhouseCoopers Zhong Tian LLP as Independent Auditor.
The company plan to follow in the footsteps of Nio (NYSE: NIO), a Chinese electric car startup which completed its $1 billion IPO in September 2018. NIO stock has seen significant ups and downs, trading as low as $1.19 in late 2019 and soaring just under $15 in past week.
Hopefully the company could ride the wave of large Chinese listings including Kingsoft Cloud (Nasdaq: KC) and Dada Nexus (Nasdaq: DADA) despite the ongoing Sino-American market tensions.
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