6 May 22
News

NIO plans to list its shares in Singapore

NIO plans to list its shares in Singapore

Fearing expulsion from the New York Stock Exchange, Chinese EV maker Nio plans to list its shares in Singapore. 

According to TechCrunch, Nio is on the list prepared by the US Securities Exchange Commission, including over 80 Chinese companies that face possible expulsion from US exchanges. Nio's rivals Li Auto and Xpeng are also added to the list. 

Nio debuted on the New York Stock Exchange in 2018 and announced a secondary listing on the Hong Kong Stock Exchange in February this year.

Risking expulsion, Nio announced its plans for a secondary listing of Class A shares, representing its common stocks, on the Singapore Exchange Securities Trading Limited. Through this step, Nio wants to keep its shares to be listed primarily on the New York Stock Exchange. 

According to TechCrunch, seeking secondary listings first appears to be a way to avoid being expelled from US bourses. The flux to Hong Kong Stock Exchange by giant Chinese companies, including online retailer Alibaba and gaming studio NetEase, supports this strategy. 

Image: Nio

Authored by: Mufit Yilmaz Gokmen