Li Auto HK Listing Quick Take - Rebounded Higher After Approval; Discount Still Needed

Li Auto HK Listing - Needs to Be Done at Discount Given XPeng’s Poor Debut

Xpeng Motors HK Listing - Will Probably Be Hot Given Strong Momentum but past Deal Didn’t Do Well

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<p>Li Auto raised about US$1.52bn via a dual primary listing in Hong Kong. </p><p>We have looked at the deal in our earlier notes, <em><a href="https://www.smartkarma.com/insights/li-auto-hk-listing-needs-to-be-done-at-discount-given-xpeng-s-poor-debut" target="_blank" data-smartkarma-citation="insights:54985" rel="noopener">Li Auto HK Listing - Needs to Be Done at Discount Given XPeng’s Poor Debut</a></em>and <em><a href="https://www.smartkarma.com/insights/li-auto-hk-listing-quick-take-rebounded-higher-after-approval-discount-still-needed" target="_blank" data-smartkarma-citation="insights:55464" rel="noopener">Li Auto HK Listing Quick Take - Rebounded Higher After Approval; Discount Still Needed</a>.</em></p><div><p>We covered Li Auto’s US listing in 2020:</p></div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/li-auto-pre-ipo-taking-the-long-way-around" target="_blank" data-smartkarma-citation="insights:41253" rel="noopener">Li Auto (理想汽车) Pre-IPO - Taking the Long Way Around</a> </li>
<li><a href="https://www.smartkarma.com/insights/li-auto-visit-li-auto-store-and-find-out-license-game" target="_blank" data-smartkarma-citation="insights:41299" rel="noopener">Li Auto (理想汽车): A to Visit Li Auto's Store and Find Out about the License Game</a></li>
<li>
<a href="https://www.smartkarma.com/insights/li-auto-pre-ipo-peer-comparison-margins-may-look-like-byd-but-sells-like-nio" target="_blank" data-smartkarma-citation="insights:41515" rel="noopener">Li Auto (理想汽车) Pre-IPO - Peer Comparison - Margins May Look like BYD, but Sells like NIO</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/li-auto-ipo-worth-a-ride-at-the-low-end" target="_blank" data-smartkarma-citation="insights:41596" rel="noopener">Li Auto (理想汽车) IPO - Worth a Ride, at the Low -End</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/li-auto-trading-update-no-mention-of-hillhouse-s-investment" target="_blank" data-smartkarma-citation="insights:41746" rel="noopener">Li Auto (理想汽车) Trading Update - No Mention of Hillhouse's Investment</a> </li>
</ul></div><div><p>We also covered its December 2020 follow-on offering:</p></div><div><ul style="list-style-type: disc;"><li>
<a href="https://www.smartkarma.com/insights/li-auto-placement-opportunistic-but-still-a-worth-a-bet-among-ev-peers" target="_blank" data-smartkarma-citation="insights:45988" rel="noopener">Li Auto (理想汽车) Placement - Opportunistic but Still a Worth a Bet Among EV Peers</a> </li></ul></div><div><p>In this note, we will share our final thoughts on the deal before it lists tomorrow, 12th August, 2021.</p></div>

Li Auto raised about US$1.52bn via a dual primary listing in Hong Kong. We have looked at the deal in our earlier notes, Li Auto HK Listing - Needs to Be Done at Discount Given XPeng’s Poor Debutand Li Auto HK Listing Quick Take - Rebounded Higher After Approval; Discount Still Needed.We covered Li Auto’s US listing in 2020:

Li Auto (理想汽车) Pre-IPO - Taking the Long Way Around 
Li Auto (理想汽车): A to Visit Li Auto's Store and Find Out about the License Game

Li Auto (理想汽车) Pre-IPO - Peer Comparison - Margins May Look like BYD, but Sells like NIO 

Li Auto (理想汽车) IPO - Worth a Ride, at the Low -End 

Li Auto (理想汽车) Trading Update - No Mention of Hillhouse's Investment 
We also covered its December 2020 follow-on offering:
Li Auto (理想汽车) Placement - Opportunistic but Still a Worth a Bet Among EV Peers In this note, we will share our final thoughts on the deal before it lists tomorrow, 12th August, 2021.

Li Auto HK Trading - Done at a Good Discount, Setting It up for a Modest Debut