Chinese EV pet Nio appeals to Hong Kong and Singapore amid risk of removing US from list – TechCrunch

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Nio, an electric upstart car from China, plans to place its shares in Singapore, making the city-state the third base where it trades as geopolitical tensions between China and the US escalate.

Nio said on Friday that it is seeking a secondary listing of its common Class A shares “in the order of introduction” at Singapore Exchange Securities Trading Limited, a way of listing securities already listed on another exchange.

The company’s shares will continue to be quoted and traded on the New York Stock Exchange, where it debuted back in 2018. Earlier this year, Nio completed Fr. secondary list in Hong Kong.

The announcement came after the U.S. Securities and Exchange Commission added more than 80 companies to the list predominantly Chinese companies facing expulsion from US exchanges, including Nio and other technology giants such as the Weibo microblogging platform, the Bilibili video streaming site, the JD.com and Pinduoduo e-commerce platforms, Tencent Music Entertainment (Tencent music streaming empire) and gaming company NetEase.

Lee Auto and Xpeng, who are Nio’s competitors in China, are also on the list.

The removal watch list is a long-standing confrontation between the accounting authorities of China and the United States. In 2020, the Trump administration passed the bill demanding greater visibility in the books of foreign firms listed in the United States, focusing on the practice of auditing Chinese organizations. But this policy is not to the liking of countries that are reluctant to pass on data from their home-grown businesses for fear of national security risks.

Several Chinese technology companies acted preventively by tracking secondary lists long before they were added to the watch list. The Hong Kong Stock Exchange watched the wave «homecoming lists”Giants like AlibabaJD.com and NetEase, which would help them attract investors to their homeland who are more familiar with their business, while protecting against the risk of delisting.

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