By PR Venkat
Chinese electric-car maker NIO Inc.’s shares surged in their debut on the Singapore Exchange on Friday, a listing that comes amid a volatile period for global equities.
Class-A shares in Singapore rose as much as 22% to US$20.29 compared with the closing price of US$16.66 for American Depository Shares quoted on the New York Stock Exchange on Thursday.
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The A-shares are fully fungible with the NYSE-listed ADSs.
NIO had announced plans for a secondary listing on the Singapore Exchange in early May, a move to expand its investor base in one of Asia’s financial centers.
Like many other shares in the US, shares of NIO have been severely hit in recent trading sessions. NIO and other Chinese companies have been identified by the US Securities and Exchange Commission as not being able to meet a regulatory requirement relating to auditors.
The SEC has identified these companies under the Holding Foreign Companies Accountable Act, which requires companies to have auditors who can be inspected by the US Public Company Accounting Oversight Board.
US regulators could prohibit trading in securities of companies whose auditors can’t be inspected by the PCAOB for three years in a row.
The EV maker had said earlier that it continues to comply with applicable laws and regulations in both China and the US, and will strive to maintain its listing on both the NYSE and the Hong Kong Stock Exchange.
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Shares of NIO are down 47% year-to-date on the NYSE. On the SGX, NIO shares were last quoted at US$20.10 a share.
Write to PR Venkat at [email protected]
Credit: www.marketwatch.com /