Smart EV maker NIO to seek secondary SGX listing

The NIO ET5 model mid-size premium smart electric (EV) sedan, which was launched in December 2021. Credit: NIOThe NIO ET5 model mid-size premium smart electric (EV) sedan, which was launched in December 2021. In April 2022, the first batch of tooling trial builds of the ET5 rolled off the production line at the NeoPark manufacturing plant in Hefei in China. Credit: NIO

Smart electric vehicle (EV) maker NIO has proposed a secondary listing on Singapore Exchange (SGX), in addition to its New York Stock Exchange (NYSE) listing.

The company received a conditional eligibility-to-list (ETL) letter from SGX for a main board listing, NIO said in a press release Thursday. The company said it plans an introductory document on the listing later this month.

The shares listed on SGX will be fully fungible with the American depositary shares (ADSs) listed on NYSE, NIO said.

NIO, founded in 2014, designs and manufactures premium smart EVs, including technology for autonomous driving, electric powertrains and batteries. Its products include battery-swapping technologies, and battery-as-a-service (BaaS).

Its autos include a seven-seater electric SUV, called the ES8, and a five-seater premium smart EV SUV, called the ES6, the release said.

In a separate announcement, NIO noted that U.S. securities regulators have identified the company as among the foreign-based companies which could be ejected from trading on U.S. stock markets for not complying with U.S. auditing standards.

NIO noted that in March, it completed a secondary listing of its shares on the mainboard of the Hong Kong Stock Exchange (HKEX), with those shares fully fungible with the ADSs listed on the NYSE.

Earlier this month, NIO reported it delivered 5,074 vehicles in April, and has delivered 30,842 vehicles for the January-to-April period, up 13.5 percent on-year.

NIO noted its vehicle production and delivery in March and April have been impacted by supply-chain volatility and Covid-outbreaks in parts of China.

“The vehicle production has been recovering gradually. The company will closely monitor the situation and its impact to the company’s business and financial conditions, and continue to work with its supply chain partners to accelerate the recovery of production to its full capacity,” NIO said.