Nio, an electric vehicle from China, plans to announce its shares in Singapore, which will make the city-state the third base where it trades as geopolitical tensions between China and the United States escalate.

Nio said on Friday, that it wants a secondary listing of its Class A ordinary shares “by introducing” Singapore Exchange Securities Trading Limited, a way to list securities that have already been issued on another exchange.

The company’s shares will continue to be mainly listed and traded on the New York Stock Exchange, where it debuted in 2018. Earlier this year, Nio ended secondary registration in Hong Kong.

The announcement came after the U.S. Securities and Exchange Commission added more than 80 companies to a list of mostly Chinese companies facing expulsion from US exchanges, which includes Nio and other technology giants such as the microblogging platform Weibo, video streaming site Bilibili, e-commerce platforms and Pinduoduo, Tencent Music Entertainment (the empire of music streaming) of Tencent) and gaming company NetEase.

Li Auto and Xpeng, which compete with Nio in China, are also on the list.

The removal watch list is a long-standing controversy between accounting authorities in China and the United States. In 2020, the Trump administration passed a bill calling for greater visibility in the books of foreign-registered foreign companies, focusing on the audit practices of Chinese companies. But the policy did not agree well with countries that do not want to provide data to their own businesses for fear of risks to national security.

A handful of Chinese technology companies acted preventively, pursuing secondary ads long before they were included in the watch list. The Hong Kong Stock Exchange has seen a wave of “home listings” from giants such as Alibaba, and NetEase, which will help them attract home investors who are more familiar with their business, while hedging against the risk of be expelled from US stock exchanges.

China’s EV darling Nio turns to Hong Kong and Singapore amid US delisting risk

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