Weilai has decided to go public in Hong Kong.

　　On February 28, 2022, NIO, a new car maker, announced that the company has passed the Hong Kong Stock Exchange hearing and obtained in-principle approval for a secondary listing on the main board of the Hong Kong Stock Exchange. The listing will adopt the method of introduction listing, and will not involve new share issuance and fund raising. Its Class A ordinary shares are expected to start trading on the Hong Kong Stock Exchange on March 10, 2022. Shares will be traded in board lots of 10 Class A ordinary shares. The stock code is "9866".

　　Weilai landed on the Hong Kong Stock Exchange by way of introduction and is expected to be listed for trading in mid-March

　　Different from the "dual listing" of Li Auto and Xpeng Motors in the US and Hong Kong stocks, the listing of NIO's Class A ordinary shares is only carried out by way of introduction, which means that the company cannot directly obtain new funds, but only the listed old ones. Application for listing and trading of shares.

　　As early as March 2021, there have been reports that "Wei Xiaoli" will return to Hong Kong for listing. Subsequently, Xiaopeng Motors was listed in Hong Kong for the second time in July of the same year; Lili Automobile went public in Hong Kong a month later; and Weilai Motors was "long overdue", and finally passed the hearing after a year and landed on the Hong Kong Stock Exchange. Place.

　　Weilai replied that the purpose of landing in Hong Kong stocks by way of introduction is to provide investors with alternative trading locations, ease geopolitical risks, and expand investor groups. While the purpose of listing can still be achieved, it will not dilute existing shareholders. Interests. In addition, dual listing will provide investors with more options for trading locations and more flexible trading hours, and will also help attract more investors, which is beneficial to the company's long-term development. At present, the company has sufficient cash and no urgent financing requirements.

　　The prospectus shows that as of November 30, 2021, NIO’s cash and cash equivalents, restricted cash and short-term investments totaled 56.534 billion yuan, which is enough to support NIO’s short-term model development and channel expansion. .

　　In addition, NIO also mentioned in the announcement that the group has submitted an application for a secondary listing to the main board of the Singapore Stock Exchange, and also plans to list by way of introduction, which does not involve new share issuance and fund raising. Apply. This confirms previous rumors that NIO will go to Singapore to list. In January 2022, IFR, a subsidiary of Reuters, quoted people familiar with the matter as saying that as the company's application for listing on the Hong Kong stock market has been pending, NIO is considering a secondary listing in Singapore.

　　In general, a dual listing is a more stringent review process than a secondary listing, and the time and cost involved are also higher. Some people speculate that Weilai's choice of secondary listing in the form of introduction may still be related to the failure to solve the problem of user trust funds.

　　Previously, there were media reports that NIO failed to pass the approval of the Hong Kong Stock Exchange. In 2019, Li Bin, the founder and CEO of Weilai, transferred 50 million shares of the company to the Weilai Automobile User Trust Fund for public welfare, environmental protection, operation and maintenance, and projects "deemed necessary by the community", but Li Bin retained his interest in these shares. voting rights. Some people in the Hong Kong capital market pointed out: "The user trust holds shares, whether to sell it, when to sell it, how much to sell, and what impact it will have on Li Bin's voting rights. The Hong Kong Stock Exchange believes that these issues must be clarified. "

　　Not only "Wei Xiaoli", but also car companies such as Nezha, Weimar, and Leapmotor are also planning to land in Hong Kong stocks, which makes Hong Kong stocks a "must-have place" for new car manufacturers to seek financing and blood transfusions. In January 2022, the website of the China Securities Regulatory Commission showed that it was receiving application materials for Leap Motor to go public overseas. Before that, it was reported that Leap Motor was considering going to Hong Kong to apply for an IPO. In February, according to several media reports, Hezhong New Energy Vehicle, the main company of the Nezha brand, officially launched its Hong Kong listing plan and will conduct a US$1 billion Hong Kong stock IPO. Also at the beginning of this year, the board of directors of Li Century, a Hong Kong-listed company, appointed WM Motor founder and CEO Shen Hui as a non-executive director, co-chairman of the board, chairman of the nomination committee and a member of the board investment committee, which led to speculation about the possibility of a backdoor listing of WM Motor .

　　Some analysts believe that when electric vehicle companies sprint to Hong Kong stocks collectively, although Weilai has no urgent financing needs in the short term and the current valuation is not good, considering the possibility of stricter supervision of Chinese stocks in the United States and rising geo-risks It is still necessary to occupy the financing channel of Hong Kong stocks in advance, and then release financing when the time is ripe to attract more investors.

　　On March 1, NIO announced the delivery volume in February 2022, with a total of 6,131 smart electric vehicles delivered, a year-on-year increase of 9.9%. By the end of February 2022, NIO had delivered a total of 182,853 smart electric vehicles. According to NIO's plan, three new models based on the NT2.0 technology platform will be delivered in 2022. Among them, the first medium and large-scale smart electric flagship sedan ET7 will be delivered in March; the entry-level electric coupe ET5 is expected to be delivered in September 2022; the medium-sized pure electric SUV model ES7 is expected to be released in April.