DOMESTIC electric vehicle (EV) maker Li Auto Inc. plans to list on the Hong Kong stock exchange, making it the latest U.S.-listed Chinese company seeking to tap investors closer to home.

It will join fellow Guangzhou-based electric-car maker XPeng Inc., already listed on the New York Stock Exchange, in trading in Hong Kong. XPeng raised HK$13.79 billion (US$1.77 billion) in net proceeds from the offering.

Nasdaq-listed Li Auto has appointed Goldman Sachs and China International Capital Corp. as joint sponsors for the listing, a filing showed yesterday. UBS is also advising on the deal.

Online retailer and food-delivery platform provider Meituan is among Li Auto’s investors, holding a 13.2 percent equity. The filing didn’t disclose the timing nor the size of the offer.

Li Auto said it will use the funds raised for research and development of battery technology as well as intelligent vehicles and autonomous driving technologies. The company will also expand the number of charging points available in its current markets.

Li Auto recorded a net loss of US$276.7 million on revenue of US$1.44 billion in 2020.

Chinese electric-car makers such as Li Auto, XPeng and NIO Inc. have joined their American counterparts in tapping U.S. markets for funds, capitalizing on investor bullishness about the industry’s prospects.

Many big U.S.-listed Chinese firms, including Alibaba Group Holding Ltd. and JD.com Inc., have in recent years obtained Hong Kong listings, partly as a way to hedge against tensions between China and the United States and broaden their investor base closer to home. (SD-Agencies)