BEIJING, February 28 (TMTPOST)— All of three Tesla’s Chinese rivals listed in U.S. will join hands in Hong Kong soon, as NIO Inc, the only one of them that remained being traded outside Hong Kong is set to list in the financial hub in Southern China in March.

Source: Visual China

NIO announced on Monday that it proposed a secondary listing on the Main Board of the Stock Exchange of Hong Kong Limited (HKEX) for its Class A ordinary shares, par value US$0.00025 per share. The shares are expected to start trading on March 10 under the stock code “9866” since the electric vehicle (EV) maker has received HKEX’s in-principle approval and been waiting for the final approval. It is notable that the way that NIO proposed for is introduction, which is unlike typical initial public offering (IPO) for it doesn’t aim to raise any fund through the flotation or issue new shares.

NIO also pursued to list in Singapore with the desire for expanding its market share in that region, and the reason that it chose the way of introduction is not dilute or increase pressure on shares by issuing new shares in Hong Kong and if possible, in Singapore, Reuters cited sources later Monday.

NIO’s two Chinese peers have finished their Hong Kong debut last year. Xpeng commenced trading in last July and the shares ends flat the first day, when they opened 1.8% higher but soon erased gains in morning trading and dropped as much as 3.4%. By selling 85 million Class A ordinary shares, Xpeng created the fifth largest Hong Kong listing that year and raised HK$14.025 billion (US$1.8 billion), higher than its US$1.5 billion offering in the United States ten months earlier. Li Auto raised HK$11.8 billion (US$1.52 billion) in last August and the shares fell below the offering price in the midday and closed 0.85% lower in the debut. Both of Xpeng and Li Auto adopted the dual-primary listing, which seemed to decrease risks of delist in U.S. and increased investors’ support in homeland as they have to abide by financial regulations in Hong Kong the same as in U.S. and their Hong Kong shares are eligible for the Stock Connect, the investment channel between mainland China’s markets and the Hong Kong stock market.

NIO has applied for Hong Kong listing in last March, earlier than Xpeng and Li Auto, but its way to land in Hong Kong was bumpier. Chinese media last July said NIO didn’t get HKEX’s nod due to its own problems, such as NIO User Trust’s shareholding. Reports in last September revealed that HKEX has requested NIO for information about corporate structure, including a user trust, and the company could postpone the listing plan to early this year.