Nio, an electric vehicle upstart from China, is planning to list its shares in Singapore, which will make the city-state the third base where it trades as tensions between China and the US heighten.
Nio said on Friday that it is seeking a secondary listing of its Class A ordinary shares on the Singapore Exchange Securities Trading LIMITED, a way to list securities already in issue on another exchange.
The company's shares will remain listed and traded on the New York Stock Exchange. Nio completed a secondary listing in Hong Kong.
The US Securities Exchange Commission added over 80 companies to a list of mostly Chinese companies facing expulsion from US exchanges.
Nio's rivals in China, Li Auto and Xpeng, are also on the list.
The delisting watchlist is a long running dispute between accounting authorities in China and the US. The Trump administration passed a bill in 2020 that demanded more visibility into the books of US-listed foreign firms and zeroed in on the auditing practices of Chinese entities. The policy has not sat well with some countries who are reluctant to give up their data because of national security risks.
A number of Chinese tech companies have acted before being put on the watchlist. The Hong Kong Stock Exchange saw a wave of home listings by giants like NetEase, which would help them attract investors at home who are more familiar with their businesses while hedging against the risk of being kicked.
Chinese EV startup Nio’s journey to the West
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