Li Auto $2 billion at-the-market offering
This is the first at-the-market offering by a U.S.-listed issuer with a dual primary listing in Hong Kong
Davis Polk advised the sales agents in connection with the SEC-registered at-the-market offering program by Li Auto Inc. under which Li Auto may issue and sell its American depositary shares (ADSs) for up to an aggregate amount of $2 billion. The ADSs are listed on the Nasdaq Global Select Market under the symbol “LI” and the Class A ordinary shares underlying the ADSs are listed on the Hong Kong Stock Exchange (stock code: 2015).
This transaction is the first at-the-market offering by a U.S.-listed issuer with a dual primary listing in Hong Kong.
Li Auto is a leader in China’s new energy vehicle market and a pioneer to successfully commercialize extended-range electric vehicles in China. It designs, develops, manufactures and sells premium smart electric vehicles. Its model lineup includes Li ONE, a six-seat, large premium smart electric SUV, and Li L9, a six-seat, full-size, flagship smart SUV.
The Davis Polk corporate team included partners Li He, and Yang Chu, counsel Kevin Zhang, associate Jenny Ho and registered foreign lawyer Eva Xu. The tax team included counsel Alon Gurfinkel and associate Omer Harel. Members of the Davis Polk team are based in the Hong Kong and London offices.