Chinese electric car maker Nio Inc. may delay its planned Hong Kong listing to next year, according to people familiar with the matter.
The U.S.-traded company filed for a second listing in Hong Kong in March, but isn’t likely to debut in the Asian financial hub before early 2022, the people said, asking not to be identified as the information is private. Nio has received queries from the Hong Kong stock exchange about aspects of its structure, including a user trust set up in 2019, the people said.
Widely seen as one of Tesla Inc.’s closest competitors in China, Nio announced on Wednesday that it plans to sell as much as $2 billion in American depositary receipts. The U.S. share sale allows the firm to raise money quickly given the delay in the Hong Kong listing plan, a different person said.
Deliberations are ongoing and Nio could still decide not to proceed with a Hong Kong listing, the people said. Representatives for Nio and Hong Kong Exchanges & Clearing Ltd. declined to comment.
Nio shares fell as much as 3.5 percent in premarket trading following the Bloomberg News report. They have declined about 22 percent this year.