NIO began trading at USD 16.90 and rose to as high as USD 20.29 during the intraday trading upon its debut on the Singapore bourse.
China’s new energy vehicle (NEV) maker NIO debuted on the Singapore Exchange (SGX) today, making it the first Chinese NEV company to trade shares in the three global financial centers -- Hongkong, New York and Singapore.
NIO claimed that the shares listed on SGX are fully fungible with the American Depositary Shares listed on the NYSE.
NIO shares opened at USD 16.90 apiece and hit an intraday high of USD 20.29 before falling back down to close at USD 17.30, or 2% higher.
According to media reports, due to the tensions between China and the United States, some of the China concept stock companies are not able to meet the regulatory requirements from the Securities and Exchange Commission and are at risk of being removed from the two exchanges. This prompted them to seek secondary listings in Hong Kong and elsewhere.
According to a company statement, NIO initiated the secondary listing in SGX to expand its investor base, improve liquidity and provide an alternative avenue for trading.
Amid prolonged chip shortages and surging raw material costs, NIO grew its NEV sales at a solid pace from January to April of 2022, delivering 30,842 units, up 13.5% year on year.
The company reported a revenue of CNY 36.14 billion in 2021, up 122.3% from the same period last year, and vehicle sales hit CNY 15.18 billion last year, registering an increase of 118.5% over the previous year. Meanwhile, its net loss narrowed to CNY 4.02 billion, down 24.3% year on year.