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Li Auto followed in the footsteps of its local counterpart Motors in listing in Hong Kong, though the pricing of its offering does not appear to be attractive to investors.

The company's Hong Kong listing was priced at HK$118 ($15.2), but it fell quickly in early trading, at one point dropping about 2 percent to HK$115.50.

As of the market close on Thursday, it was down 0.85 percent to HK$117.

Li Auto took the same dual-primary listing as XPeng and was officially listed on the Hong Kong Stock Exchange today under the stock code "2015".

The company is offering a total of 100 million shares, of which 10 percent is for the Hong Kong public offering and 90 percent is for the international placement.

Li Auto's Hong Kong IPO price is HK$118 per share, raising approximately HK$11.55 billion.

Li Auto was down about 4 percent in grey market trading in Hong Kong on Wednesday before official trading began on Thursday.

Li Auto CEO Li Xiang holds 23.79 percent of the shares and has 75.74 percent of the voting rights. Meituan holds 13.23 percent of the shares and 4.21 percent of the voting rights. Wang Xing, CEO of Meituan, personally holds 6.76 percent of the shares and 2.15 percent of the voting rights.

According to tits prospectus, Li Auto's total revenue increases from RMB 284.4 million ($44 million) in 2019 to RMB 9.5 billion in 2020.

The company's revenue for the first quarter of 2021 was RMB 3.575 billion, and the second-quarter results have not yet been announced.

Li Auto remains in a loss-making position. For 2018, 2019, 2020, and the first quarter ending 2021, Li Auto incurred net losses of RMB 1.5 billion, RMB 2.4 billion, RMB 152 million, and RMB 360 million, respectively.

Li Auto is developing the X platform, which succeeds Li ONE's existing extended-range electric vehicle platform.

The company plans to launch the first product on the X platform, a full-size luxury extended-range electric SUV, in 2022 and two additional SUVs on the X platform in 2023.

Li Auto is developing two platforms - Whale and Shark - for future high-voltage pure electric vehicles. And starting in 2023, the company plans to launch at least two new high-voltage pure electric vehicle models each year, according to its prospectus.

Li Auto believes that L4-level autonomous driving will be the primary mode of operation for all vehicles in the foreseeable future and is therefore investing heavily in in-house developed autonomous driving technology.

Starting in 2022, all new models from Li Auto will come standard with the necessary hardware compatible with in-house developed future L4 autonomous driving.

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