Lixiang to become China’s second new energy automaker for US IPO

On July 26, Lixiang Automotive updated its prospectus to the U.S. SEC, announcing that the size of the public offering of IPO shares is 95 million ADSs, and the IPO underwriters have 14.25 million ADSs oversubscription rights, with an issue price ranging from US$8 to US$10.

On July 26, Lixiang Automotive updated its prospectus to the U.S. SEC, announcing that the size of the public offering of IPO shares is 95 million ADSs, and the IPO underwriters have 14.25 million ADSs oversubscription rights, with an issue price ranging from US$8 to US$10.

According to the currently announced issuance price, the total amount of Lixiang Automotive’s IPO financing will reach US$1.254 billion to US$1.473 billion.

The valuation of Lixiang Automotive can reach US$8 billion if calculated based on the median price of the IPO issue price of US$9, and US$8.8 billion if calculated based on the upper limit of the issuance price range of US$10.

If Lixiang Automotive is successfully listed on Nasdaq, it will become China’s second new energy vehicle company listed in the United States after NIO.

According to the financial report, Lixiang Automotive had no revenue in 2018, with revenue of 284 million yuan in 2019 and revenue of 1.9 billion yuan (approximately US$275 million) in the second quarter of 2020, compared with 8.517 in the first quarter of 2020. RMB 100 million (approximately USD 120 million) increased by 128.6% from the previous month.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/07/28/lixiang-to-become-china-s-second-new-energy-automaker-for-us-ipo/.

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