Li Auto’s $2 Billion At-The-Market Offering

Davis Polk, working alongside King & Wood Mallesons advised the sales agents in the offering.

Li Auto Inc. announced its at-the-market offering program, under which Li Auto may issue and sell its American depositary shares (ADSs) for up to an aggregate amount of $2 billion. The ADSs are listed on the Nasdaq Global Select Market under the symbol “LI” and the Class A ordinary shares underlying the ADSs are listed on the Hong Kong Stock Exchange (stock code: 2015).

This transaction is the first at-the-market offering by a U.S.-listed issuer with a dual primary listing in Hong Kong.   

Goldman Sachs (Asia) L.L.C., UBS Securities LLC, Barclays Capital Inc., and China International Capital Corporation Hong Kong Securities Limited acted as sales agents for the offering.

Li Auto is a leader in China’s new energy vehicle market and a pioneer to successfully commercialize extended-range electric vehicles in China. It designs, develops, manufactures and sells premium smart electric vehicles. Its model lineup includes Li ONE, a six-seat, large premium smart electric SUV, and Li L9, a six-seat, full-size, flagship smart SUV.

The Davis Polk corporate team included partners Li He (Picture), and Yang Chu, counsel Kevin Zhang, associate Jenny Ho and registered foreign lawyer Eva Xu. The tax team included counsel Alon Gurfinkel and associate Omer Harel.

The KWM team comprised partners Gong Mulong, Ma Tianning and Hu Jing, with support from Gao Han and Chen Yichen.

Involved fees earner: Yang Chu – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; Jenny Ho – Davis Polk & Wardwell; Eva Xu – Davis Polk & Wardwell; Kevin Zhang – Davis Polk & Wardwell; Gao Han – King & Wood Mallesons; Hu Jing – King & Wood Mallesons; Gong Mulong – King & Wood Mallesons; Ma Tianning – King & Wood Mallesons;

Law Firms: Davis Polk & Wardwell; King & Wood Mallesons;

Clients: Barclays Capital ; China International Capital Corporation Hong Kong Securities Limited; Goldman Sachs (Asia) L.L.C.; UBS Securities LLC;