The effective date of settlement of Nio shares in the system is March 8, two days before the expected listing date of these shares to facilitate the portfolio transfer.
(Image credit: CnEVPost)
Nio, which is expected to be listed in Hong Kong on Thursday, has been admitted to the Hong Kong Exchanges and Clearing Limited's (HKEX) Central Clearing and Settlement System for clearing, settlement and withdrawal.
The Hong Kong Securities Clearing Co Ltd (HKSCC), a wholly-owned subsidiary of the HKEX, announced the development in an announcement today. In addition to Nio, Jinmao Property Services Co Limited is also included in the system.
The effective date of settlement of Nio shares in the system is March 8, and the expected listing date for these shares is March 10.
The settlement effective date is set prior to the listing date to allow CCASS participants to enter settlement instructions for portfolio transfers if needed, the HKSCC said.
After the listing, Nio's trading on the stock exchange will be cleared through CCASS and automatically settled under the continuous net settlement system, according to the HKSCC.
Nio said on February 28 that it had applied to list its already issued Class A ordinary shares in Hong Kong by way of introduction.
The company's filing to the HKEX at the time said it made all necessary arrangements to have the Class A ordinary shares admitted to the central clearing system.
Subject to the admission of the shares to listing and trading on the HKEX and compliance with the share admission requirements of HKSCC, the Class A ordinary shares will be admitted to HKSCC as eligible securities, Nio previously said.
Nio will be listed in Hong Kong by way of a secondary listing, unlike its local counterparts Xpeng Motors and Li Auto, both of which listed in Hong Kong last year by way of dual primary listings.
The company, as well as one of its largest shareholders, Tencent, will lend 41.4 million Class A ordinary shares to a designated dealer to facilitate the initial transaction.
Nio will trade in Hong Kong in board lots of 10 Class A ordinary shares under the stock code 9866.
