NIO’s SGX debut outpaces US-listed shares

The NIO EP9 (left) and NIO ES8 (right) models on display at SGX Centre in mid-May 2022 as electric vehicle (EV) maker's secondary listing on SGX began trading. Credit: SGXThe NIO EP9 (left) and NIO ES8 (right) models on display at SGX Centre in mid-May 2022 as electric vehicle (EV) maker's secondary listing on SGX began trading. Credit: SGX

Smart electric vehicle (EV) maker NIO‘s secondary listing in Singapore posted a solid trading debut Friday, finishing above its U.S.-listed American Depositary Shares (ADS).

The shares opened at US$16.90 and ended Friday at US$17.30, after bumping as high as US$19.206 intraday. That compared with the ADS’ close Thursday at US$16.66 and their Friday close at US$16.44.

The listing marked the first electric vehicle company to offer shares on SGX, a move which comes as the city-state has been ramping up its transition toward sustainable energy sources.

NIO’s primary listing is on the New York Stock Exchange (NYSE), but like many China-based companies, the EV maker is facing a potential de-listing there as U.S. regulators crackdown on companies which aren’t compliant with U.S. auditing standards. In March, NIO also completed a secondary listing of its shares on the mainboard of the Hong Kong Stock Exchange (HKEX).

William Bin Li, founder and CEO of NIO, said in a statement that the SGX listing would further bolster the EV maker’s capital markets footing.

“Furthermore, by leveraging Singapore’s advantageous position as an international innovation and technology centre, NIO plans to establish a research and development centre for artificial intelligence and autonomous driving in Singapore and to collaborate with the local science and research institutions to further broaden and enhance our global R&D capabilities,” Li 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.