Sunday, 2024 February 25

CHINA BRIEF | EV maker Lixiang files for US IPO after closing USD 550 million Series D

Beijing-based electric SUV maker Li Auto, also known as Lixiang in China, has filed for an initial public offering (IPO) on Nasdaq, according to its filing with the Securities and Exchange Commission (SEC) on Friday.

Prices of its American depositary shares and other details of this IPO have not been disclosed yet.

Founded in 2015, Li Auto has delivered 10,473 Li ONEs, six-seat electric SUVs equipped with a fuel-based range extension system, by the end of June since the company started to produce this model in November 2019.

The company closed its Series D round financing on July 1, bagging USD 550 million in total, according to this filing. Wang Xing, founder and chairman of China’s largest food delivery company Meituan-Dianping (HKG: 3690), is an investor for Li Auto, with a 23.5% stake and 9.3% voting power in the company founded by Li Xiang, who has a 25.1% stake and 70.3% voting power.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.

Jingli Song
Jingli Song
I believe Chinese innovation at various level needs to be known by the world.
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