Chinese EV Maker Li Auto to Raise USD 855 Million in IPO
Chinese EV startup Li Auto updated its prospectus to issue 95 million American Depositary Shares (ADSs) at a price range of 8 to 10 USD.
Chinese EV startup Li Auto updated its prospectus to issue 95 million American Depositary Shares (ADSs) at a price range of USD 8 to USD 10.
Li Auto will also receive a USD 380 million cornerstone investment from Bytedance, Kevin Sunny, Meituan and CEO Wang Xing.
Along with the updated prospectus, Li Auto also released its financial report of the second quarter (Q2) of 2020, showing a CNY 1.9 billion quarterly revenue, a 128.6% increase QoQ.
The Q2 delivery volume reached 6,604 units, a 128% increase QoQ. Gross profit margin raised from 8% in 1Q20 to 13.3% in 2Q20, primarily due to the increase in sales volume and the dilution of manufacturing expenses. Operating cash flow turned positive, to CNY 451.7 million as of June 30, 2020. The company is still in deficit, with a quarterly net loss of CNY 75.2 million.