China-based electric vehicle maker NIO Inc announced on Thursday it has received conditional approval from the Singapore stock exchange for its proposed secondary listing in the city-state.
The company has received a conditional eligibility-to-list letter (ETL) from the Singapore Exchange Securities Trading Ltd on May 5, 2022 for the listing and quotation of its shares on the Main Board of the stock exchange, NIO said in a statement.
An introductory document relating to the proposed secondary listing by way of introduction of the shares on the Main Board of the stock exchange is targeted to be issued later this month prior to the listing on the Main Board, the company added.
Upon listing, the shares listed on the Main Board of the Singapore exchange will be fully fungible with the American depositary shares (ADSs) listed on the New York Stock Exchange (NYSE).
The company’s ADS, each representing one share, will continue to be primarily listed and traded on the NYSE, Nio said in a statement.
Nio’s announcement also comes as the US Securities and Exchange Commission added more than 80 companies to its provisional list of companies that face delisting in three years if they do not grant the regulators access to their books, Fortune.com reported on Thursday.
Nio is on the list together with some of China’s prominent tech companies such as e-commerce firm JD.com, entertainment platform Bilibili, e-commerce platform Pinduoduo, video game publisher NetEase, among others. The added companies have until May 25 to dispute the SEC’s classification.
Two other Chinese EV makers Xpeng and Li Auto are also on the list.
Nio has been listed on the Main Board of the Hong Kong Stock Exchange in March this year.