Chinese electric vehicle maker NIO announced on Wednesday that it expects to be listed and commence trading on the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST) on May 20. Credit Suisse (Singapore) Limited and Goldman Sachs (Singapore) Pte. are acting as the joint issue managers, and PrimePartners Corporate Finance Pte. Ltd. is acting as the financial adviser.
NIO announced its proposed secondary listing on the Singapore Exchange on May 6 and noted that it had already received its eligibility-to-list letter (ETL) from the SGX-ST with regard to its proposed secondary listing of its shares by way of introduction on the Main Board of the SGX-ST. The company will file and release the relevant listing documents later this month.
NIO‘s listing will adopt the method of introduction to the exchange, which does not involve issuing any new shares or fund raising. Any American Depository Shares listed on the New York Stock Exchange can be completely converted into NIO Class A ordinary shares that will be listed on the SGX-ST.
NIO was not only included on the pre-delisting list put out by the United States Securities and Exchange Commission (SEC) recently, but also performed poorly in vehicle deliveries last month. NIO only delivered 5,074 new vehicles in April, a decrease of 28.6% year-on-year. Since the beginning of this year, a total of 30,842 vehicles have been delivered, an increase of 13.5% year-on-year. In view of the low delivery volume in April, NIO said that in order to meet the ever-increasing order demand, it is necessary to further overcome the pressure brought by the epidemic and supply chain interruptions. At present, production is gradually recovering.
However, the company has also started to build a new industrial park. On May 10, NIO and the Hefei Economic and Technology Development Area have signed a new cooperation agreement. The partnership involves the second phase of a whole vehicle and key core components production project in “NeoPark,” an industrial site in Hefei. According to the agreement, NIO‘s new middle-to-high-end intelligent electric vehicles will be produced at the base, which is planned to be completed and put into production in 2024.
