NIO’s shares surged in their debut on the Singapore Exchange on Friday.
Chinese electric carmaker NIO made its debut on the Singapore Exchanged Ltd. (SGX-ST) on Friday without making any funds; NIO was the first automaker listed on three stock exchanges.
NIO’s stock began trading at $16.90, increasing 20% to $20.29 on the Singapore Exchange. The stock closed at $17.30 on Friday.
“Today marks a new milestone for NIO. The listing on the SGX is of great importance to NIO’s global business development. NIO has further strengthened its footing in the global capital markets with Singapore’s strategic significance.” said William Li, founder, and CEO of NIO.
NIO chose a listing by way of introduction, which means it did not go through the traditional Initial Public Offering (IPO) procedure and did not raise any funds. The automaker listed Class A ordinary shares on the main board of the SGX-ST, which are fully fungible with the NYSE-listed ADSs.
The automaker’s primary listing remains in New York, where NIO held its IPO last 2018. It has a secondary listing in Hong Kong as well.
NIO is one of several Chinese firms listed by the U.S. Securities and Exchange Commission for stocks that face delisting risk because Beijing refused to allow auditing access. However, the automaker said earlier that it continues to comply with applicable laws and regulations in China and the U.S. to maintain its listings for both stock exchanges.
NIO was founded in 2014 and started introducing electric vehicles in 2017. Aside from offering EVs, they also continue their technological innovations with their battery swapping technologies, Battery as a Service (BaaS), and autonomous driving technologies.
Last April 2022, NIO delivered 5,074 vehicles. Their total EV deliveries as of April reached 197,912 units.
