Nio is seeking to convert its Hong Kong listing from a secondary listing to a primary listing, a move that could pave the way for inclusion in the Stock Connect programme and broaden access for mainland Chinese investors.
Company management discussed the plan during Nio’s 2026 shareholders’ meeting, according to meeting notes shared by attendees on Chinese social media.
Seeking Stock Connect Eligibility
Nio said it has been in discussions with Hong Kong regulators regarding the proposed listing conversion while maintaining its existing user enterprise governance structure.
The company currently maintains a secondary listing in Hong Kong by way of introduction, making it ineligible for inclusion in the Stock Connect programme under existing rules.
If the conversion is completed, mainland Chinese investors would be able to purchase Nio’s Hong Kong-listed shares through the Stock Connect trading link, subject to programme eligibility requirements.
By comparison, domestic electric vehicle manufacturers Xpeng and Li Auto both maintain dual primary listings in Hong Kong and are already included in Stock Connect.
Management also noted that a primary listing would reduce the company’s reliance on the status of its U.S. listing.
Capital Markets and Business Strategy
During the meeting, management said the company remains focused on executing its business strategy rather than managing its market valuation.
“When and at what level the market value arrives is something we cannot manage.”
The company added that creating long-term shareholder value depends on operational performance, while noting there were no new capital plans to disclose.
Nio currently has a market capitalisation of approximately US$12.8 billion, comparable with Li Auto and Xpeng.
Research and Battery Business
Management said the company reduced its workforce by approximately 10,000 employees in 2025 compared with the previous year, including a reduction in research and development personnel.
However, Nio said investment in core research and development will continue, with spending reductions primarily affecting application-layer projects that are being prioritised based on expected returns.
The company also highlighted continued growth in its battery business, stating that battery procurement exceeded RMB30 billion this year and is expected to increase to around RMB50 billion within the next two years.
Management said the gross margin of Nio’s energy business, including battery-swapping operations, reached 20% in the first quarter.
Although complimentary battery-swapping benefits provided to early customers continue to generate annual losses of approximately RMB1 billion, the company said those losses are gradually declining.
Overseas Expansion
Nio said its primary focus for the 2025–2028 period remains the Chinese market.
Management added that while overseas expansion remains part of the company’s long-term strategy, international markets are also highly competitive and will continue to be evaluated alongside domestic growth opportunities.
Source: CnEVPost