Li Auto, the Beijing based EV startup, raised more than $1.1 billion during its Nasdaq IPO at the end of July. The stock price closed 40% higher after the first day of trading.
The Chinese automotive company which includes Tik Tok owner Bytedance and e-commerce group Meituan Dianping as key shareholders, extends a trend of Chinese EV automakers floating shares in New York.
Li Auto follows Tencen- backed NIO Limited’s $1.2 billion IPO in 2018. Alibaba and Xiaomi-backed Xpeng Motors looks to go public in the US later this year.
Li Auto’s IPO and Xpeng Motors’s pending listing serves as an investor litmus...