Chinese electric carmaker Li Auto Inc. (Nasdaq: LI; HKEX: 2015) lifted off on the Stock Exchange of Hong Kong Thursday, following rival XPeng Inc. (Nasdaq: XPEV; HKEX: 9868) in becoming dually-traded.
Li Auto raised $1.5 billion in the Hong Kong debut today, a year after its $1.1 billion listing in New York. It sold its shares at HK$118 apiece, which translates to $30.36 per American depositary share. The underwriters have a greenshoe option to acquire an additional 15 million shares.
In an earlier statement, Li Auto said it plans to use the proceeds from the offering "for research and development of HPC BEV technologies, platforms, and future models, intelligent vehicle and autonomous driving technologies, and future EREV models; expansion of production capacity, retail stores, delivery and servicing centers, roll-out of HPC network, and marketing and promotion; and working capital and other general corporate purposes."
Last week, Li Auto reported record sales growth for July, saying it delivered 8,589 of its Li ONEs. That was a 251% jump year-over-year and 11% higher than in June. Li ONE is the company's only model on the market, but it continues to beat both XPeng and Nio (NYSE: NIO) in monthly sales.
In New York, LI stock ended 2% lower on Thursday, at $30.11 per share. In Hong Kong, Li Auto ended in park, at HK$117 per share.