China’s Tesla rival Li Auto makes HK debut after $1.5 billion IPO

China’s Tesla rival Li Auto makes HK debut after $1.5 billion IPO

HONG KONG: Chinese electric car maker Li Auto began trading in Hong Kong yesterday after a $1.5 billion initial public offering it hopes will help it break out from its mainland market. The listing of the company regarded as a possible rival to Elon Musk’s Tesla comes as firms already traded in New York-such as Li-seek exposure in the Asian financial hub as a hedge against China-US tensions that could see them removed from US exchanges.

Shares in Li Auto were trading at HK$116.90 ($15) at 0730 GMT yesterday, against an IPO price of HK$118, having fallen around two percent earlier in the day. “We want to be a winner, not just a mere participant, in the global market,” Li Auto co-founder and president Shen Yanan told Hong Kong’s South China Morning Post in an interview published yesterday.

“To win market share overseas, a car company has to develop the right product to attract customers with tastes” that are different from those in China. “We have set up a team dedicated to the overseas markets and we are meticulously working on the plans to find a winning formula.” The listing-just a month after rival XPeng’s Hong Kong IPO-is “an opportunity for Li