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Li Xiang and the executives took a photo in front of the stage, taking a screenshot of the live broadcast of the self listing

Like a year ago, Ideal still craves funds.

At the media conference of the Ideal ONE facelift at the end of May this year, Li Xiang once replied to the question of "why should we go public again on the Hong Kong stock market": "More money is definitely better

In fact, car manufacturing has been widely recognized as an extremely expensive business, and in order to make money, some companies have to go public to raise funds. Li Bin, CEO of NIO, once said, "Going public is for financing," when NIO went public in 2018

As for Li Xiang, he said frankly: "The three major competitors of car making forces, including new players such as TSLA, Xiaomi, Baidu, and traditional car companies, have sufficient funds. Li Auto does not mind obtaining capital reserves in any way, including financing from the Secondary market, bank loans, and debt issuance."

As soon as the conversation ended, Ideal announced that it had submitted its listing documents to the Hong Kong Stock Exchange that month. Due to its less than two years of listing on the US stock market, it could not meet the requirements for two accounting years. Therefore, it had to choose to go public in Hong Kong through a "dual listing" method to raise funds.

The dual listing means that Li Auto will become its first listing place in Hong Kong in addition to the first listing place in the United States, which also means that Li Auto will be jointly supervised by the U.S. Securities and Exchange Commission (SEC) and the Securities and Futures Commission (SFC) of Hong Kong, and will face stricter supervision in the future.

However, these are worth considering the ideal. After all, the dual listing also has a positive side, that is, it meets the access conditions of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. In the future, A-share investors can buy shares of Li Auto through the Hong Kong Stock Connect. In other words, the ideal fundraising audience has expanded to domestic investors, which may allow them to raise more funds in the future.

In order to obtain the fundraising as soon as possible, Ideal has also accelerated the progress of the secondary listing of Hong Kong stocks.

According to relevant media reports, two months after XPeng submitted its listing application to the Hong Kong Stock Exchange in March, Li Auto did the same. Although I was a few steps slower in submitting my application, it only took me three months from submitting my documents to going public today. Previously, Xiaopeng spent more than four months.

The reason why Ideal is so urgent about injecting funds is mainly due to the decline in its revenue and cash reserves on its books.

According to the prospectus of Li Auto, the total amount of cash and cash equivalents, restricted cash, time deposits and short-term investments on the books of Li Auto in the first quarter of 2021 is 30.36 billion yuan. In contrast, the balance of Weilai and Xiaopeng is more sufficient, 47.55 billion yuan and 36.2 billion yuan respectively.

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