Aug 12 (Reuters) – Shares of Chinese electric vehicle maker Li Auto fell 2.1% below their HK $ 118 offer price when the company debuted on the Hong Kong Stock Exchange on Thursday.
The company raised $ 1.52 billion by pricing its shares at HK $ 118 each in its dual main listing in the city. Li Auto is also listed in New York.
The Hong Kong Hang Seng Index (.HSI) remained stable at the start of trading. The weaker debut followed a 1.1% rise in New York-listed Li Auto shares on Wednesday.
At HK $ 118 each, the price was a 3.2% discount from the level at which New York stock was trading before the Hong Kong deal launched on August 3.
Li Auto chairman Shen Yanan told reporters that he was discussing internally the possibility of issuing A shares in mainland China.
It is developing battery-electric vehicles in addition to its current extended-range electric vehicle model, which uses a different powertrain, to expand its customer base, Shen said. The first battery-electric model is expected to be sold in 2023, Shen said.
Li Auto plans to set up a new factory in Beijing to expand its manufacturing capacity and have more showrooms in shopping malls in Chinese cities to expand sales channels, Shen said.
The electric vehicle maker aimed to raise more funds when it debuted in Hong Kong, but the stock fell 4% in the United States last Thursday before the price was finalized, which reduced the amount that investors were prepared to pay.
Reporting by Donny Kwok and Scott Murdoch in Hong Kong and Yilei Sun in Beijing; Editing by Ana Nicolaci da Costa
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