China-based premium electric carmaker Nio has just been granted eligibility for a secondary listing on the Singapore Exchange (SGX). Upon listing, the shares will be fully fungible with the American depositary shares (ADS) listed on the New York Stock Exchange (NYSE), where Nio is already listed.
Nio in a statement said it received the conditional eligibility-to-list letter (ETL) from the SGX on May 5, and that it aims to complete listing requirements by the end of the month, The Straits Times reports. No funds will be raised via new share sales.
On the SGX, it will list in the Class A ordinary shares, with a par value of US$0.00025 per share. Its ADS will continue to be primarily listed and traded on the NYSE.
The automaker is set to launch three new models this year, hoping to cash in on the potential spike in demand for EVs in the second half of 2022. The current supply-chain disruption due to China’s zero-Covid-19 policies are expected to ease up as well.
In less than four years, Nio has already produced 200,000 EVs. By the end of this year, it will open more than 100 new stores and 50 service centres in China, as well as the expansion of its EV battery swap network. The workforce will be multiplied, and a second manufacturing base located at NeoPark will be up and running in Q3 2022.
Outside of China, Nio will launch its products and service system in more European countries like Germany, the Netherlands, Sweden and Denmark. It has already established a foothold in Norway.
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