To The Moon

Nio shares gained 3% as wins nod for secondary listing on SGX.Nio has received a conditional green light for its proposed secondary listing in Singapore.

The Singapore Exchange (SGX) has issued the company a conditional eligibility-to-list (ETL) letter for the listing on its mainboard, Nio said on Friday (May 6).

Nio is primary-listed in the US on the New York Stock Exchange (NYSE). It is proposing to list its Class A ordinary shares with a par value of US$0.00025 each by way of introduction on the SGX.

The company, which is seen as one of Tesla's closest competitors in China, plans to release an introductory document relating to the listing later this month.

Upon listing on the mainboard, the shares will be fully fungible with its American depositary shares listed on the NYSE, Nio said.

In February, the EV maker announced that it was seeking secondary listings in Singapore and Hong Kong.

According to a prospectus posted on the Hong Kong Exchange (HKEX), its application for a listing on the SGX was still being reviewed as at Feb 18.

Meanwhile, it made its debut on the HKEX on Mar 10, a year after it filed for the listing. Nio also listed in Hong Kong by way of introduction.

On the SGX, issuers can apply to list by way of introduction without making any subscription or sale offers for its securities if it meets requirements, such as where the securities are already listed on another stock exchange.

After listing, issuers are not permitted to carry out any fundraising activities in Singapore within 3 months.