Nio plans to announce its shares in Singapore. This will be the third place for listing of the Chinese electric car manufacturer after the IPO in New York and secondary listing in Hong Kong.
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Former President Donald Trump passed a law in 2020 that requires foreign companies registered in the United States to comply with higher auditing standards. Those who did not follow the rules can be removed.
To mitigate the risk of erasure, large Chinese companies registered in the United States – such as Alibaba, JD.com and others – have conducted secondary listings, mainly in Hong Kong.
But moving Nio to third place, especially in Singapore, is a unique move – one that has yet to be followed by many other Chinese companies.
Competitors Nio Xpeng and Li Auto have listed shares in Hong Kong through so-called double primary registration.
Correction: This story has been updated to properly reflect that Xpeng and Li Auto have double main ads in Hong Kong. An earlier version of the story misrepresented these lists.