On 28 June 2022, Li Auto Inc. (“Li Auto”, stock code: LI) announced at-the-market (“ATM”) offering of up to an aggregate of USD 2 billion of American depositary shares. This offering is the first ATM offering of a dual-primary listed company both in U.S. and Hong Kong SAR, and its proposed placement scale is one of the largest for an Asian corporate ATM offering in history.
Li Auto, an innovator in China’s new energy vehicle market, is a pioneer to successfully commercialize extended-range electric vehicles in China. Li Auto started mass production of its first model Li ONE in November 2019, and officially unveiled the flagship smart SUV for families, Li L9, on 21 June 2022.
King & Wood Mallesons (“KWM”) acted as the PRC counsel for the sales agents. This is another milestone project for KWM to assist Li Auto in its global capital market layout. KWM has previously advised on Li Auto’s NASDAQ listing and follow-on offering of USD-denominated ADSs, as well as its dual-primary listing on the Main Board of HKEX (stock code: 02015.HK).
The project was led by partners Gong Mulong, Ma Tianning and Hu Jing, with support from Gao Han and Chen Yichen.
