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Chinese Tesla rival Nio gets approval to list on Singapore Exchange as US delisting pressure ratchets up
- Shanghai-based electric-vehicle maker said it has secured conditional approval to list on the Singapore Exchange
- If successful, Nio will secure its third stock listing after Hong Kong and the US, even as its New York listing comes under threat
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Chinese electric-vehicle (EV) maker Nio said it has obtained a provisional greenlight from the Singapore Exchange to list its shares in the Southeast Asian financial hub, taking a step forward to hedge the risk of US delisting.
The announcement comes on the heels of news Wednesday that the Securities and Exchange Commission (SEC) has put Nio on a list of 80 US-listed Chinese companies that face delisting under the Holding Foreign Companies Accountable Act (HFCAA). Nio made its stock offering on the New York Stock Exchange in 2018.
The secondary listing in Singapore will be by way of introduction, mirroring its listing method in Hong Kong in March that did not involve any public offering of shares. The Singapore plan was previously disclosed in its Hong Kong listing document in February.
The HFCAA, signed by former president Donald Trump, seeks to force foreign companies off US exchanges if they fail to turn over audit results for three straight years. The process of delisting non-compliant foreign stocks could begin from late 2023.
“Nio will continue to comply with applicable laws and regulations in both China and the US, and strive to maintain its listing status on both the NYSE and the HKEX in compliance with applicable listing rules,” it said in an exchange filing on Thursday.
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