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Weilai, Ideal and Xiaopeng have approached cooperative investment banks for Hong Kong listing

by:Yisheng      2021-06-06

According to foreign media reports, people familiar with the matter disclosed that the electric car manufacturers Weilai, Ideal and Xiaopeng, which have already been listed in the United States, have approached cooperative investment banks for listing in Hong Kong this year.


According to people familiar with the matter, NIO is communicating with investment banks such as Credit Suisse and Morgan Stanley to prepare for a secondary listing in Hong Kong and is considering listing on A shares. The company may sell about 5% of its shares when listed in Hong Kong, which means that based on the company's market value of US$68.18 billion on March 19, the transaction may raise about US$3.4 billion.


According to people familiar with the matter, Xiaopeng Motors is communicating with Bank of America and JP Morgan on the listing plan, while Ideal is communicating with Goldman Sachs and UBS. Make contact. It is expected that these two transactions will be conducted as early as the third quarter of this year, and will raise approximately 1 billion to 2 billion US dollars.



(Image source: Xiaopeng Automobile)


Since Xiaopeng Motors was listed in the United States in August 2020 and Ideal Motors was listed in the United States in July 2020, neither of these two companies can be listed in Hong Kong through a secondary issuance because it needs to be listed in another company. Eligible exchanges have good regulatory compliance records for at least two financial years.


People familiar with the matter said that the two companies are considering applying for a bilateral listing in Hong Kong. According to Hong Kong’s bilateral listing rules, companies need to comply with all the requirements of the Hong Kong Stock Exchange and the Second Exchange, but are not subject to the two-year rule.


Since this year, the share prices of Weilai, Xiaopeng and Ideal have fallen by 11%, 12.5% u200bu200band 9% respectively. Xiaopeng declined to comment, while Ideal and Weilai did not respond to email requests for comment.

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