Chinese electric vehicle tech startup Li Xiang to raise around $1.93 billion in a Hong Kong secondary listing

SPACs have been dominating the IPO scene in recent months but they are not the only ones making the waves. It’s been a busy year for electric vehicle (EV) IPOs as well. Just last month, at least three EV tech startups made their market debut including Nio Inc,  Fisker, and Tesla rival Xpeng Motors, which raised around $1.8 billion in a Hong Kong listing.

Now, another electric vehicle tech startup is jumping into the EV IPO market. Today, Chinese EV maker Li Auto (Lixiang and formerly known as Chehejia) announced its plans to raise around $1.93 billion in a Hong Kong secondary listing. At 150 Hong Kong dollars per share, Li Auto would raise 15 billion Hong Kong dollars or $1.93 billion.

Already listed on Nasdaq, Li Auto said it will offer 100 million class A ordinary shares to investors at a price of no more than 150 Hong Kong dollars or $19.29. The company plans to announce the final pricing by August 6.

Founded in 2015 by Li Xiang, Li Auto is a Beijing, China-based electric vehicle startup that plans to disrupt the transportation and auto industries through complete vertical integration. The company designs, researches, manufactures, sells, and offers services featuring a few models of electric vehicles. It makes products including smart EVs and electric SUVs to provide customers with longer crosstown journeys. Lixiang also offers rental services and Uber-like on-demand ride-hailing.

Last week, Li Auto said it delivered 8,589 Li-One vehicles in July, setting a monthly record. The Li-One SUV is the company’s only model on the market. Li Auto also has a hybrid vehicle that comes with a fuel tank for charging the battery, extending the 180-kilometer driving range by about 620 km (385.35 miles).