THINK b – stock.adobe.com
Chinese electric vehicle (EV) manufacturer NIO announced today that the Singapore Exchange (SGX) has issued the company a conditional eligibility-to-list (ETL) letter for its proposed secondary listing in Singapore.
Why it matters
NIO is primarily listed and traded on the New York Stock Exchange (NYSE). The company is planning to list its Class A ordinary shares on the SGX mainboard, with a par value of US$0.00025 per share.
SGX issued the ETL for NIO’s secondary listing after the company was temporarily on the list of the Holding Companies Accountable Act (HCAA) which was released on Wednesday, 4 May by the U.S. Securities and Exchange Commission (SEC).
NIO reported a loss of US$348 million in 2021, attributable to its shareholders, but appears to be funding future growth in an expanding market with its cash balance of US$8.7 billion.
Founded in 2014 and listed on NYSE in 2018, NIO is seen Tesla’s biggest challenger in China. In December 2021, the company launched its second sedan, the all-electric ET5, which is said to compete directly with Tesla’s most popular Model 3. The deliveries of the ET5 are scheduled to start in September 2022, and NIO is set to unveil more new models this year.