NIO made its debut on the Singapore Exchange Securities Trading Limited (SGX-ST) on Friday 20 May 2022. NIO’s presence on the Singapore Exchange Securities Trading Limited (SGX-ST) makes it the first car company to be listed in three locations.
NIO shares closed higher Friday in their first trading day in Singapore. NIO shares started trading at $16.90 and rose as high as $20.29 on the Singapore exchange. The stock closed at $17.30.
“Today marks a new milestone for NIO. The listing on the SGX is of great importance to NIO’s global business development. NIO has further strengthened its footing in the global capital markets with Singapore’s strategic significance,” said William Li, founder, chairman and chief executive officer of NIO.
NIO also announced that it will establish an autonomous vehicle R&D in Singapore. Previously NIO has established R&D centers in Beijing, Shanghai, San Jose, United States, and Europe.
“Moreover, we will also leverage Singapore’s advantageous position as an international financial and technology center. By collaborating with science and research institutions and establishing NIO’s R&D center for AI and AD in Singapore, we will further broaden and enhance our global R&D footprint,” Li added.
The Singapore listing is the second secondary listing conducted by NIO this year. Previously they had done something similar in Hong Kong on March 10.
As in Hong Kong, the NIO move does not involve the issuance of new shares and therefore does not result in new financing or equity dilution for investors.
