Meituan Dianping and Bytedance were among the shareholders that committed to investing $380m in a concurrent private placement.

Li Auto, a China-based electric vehicle (EV) producer backed by corporates Meituan Dianping, Shougang, Bytedance, InTime, Taiping, Ping An and Leo Group, priced its shares at $11.50 yesterday to raise $1.1bn in its IPO.

The company issued 95 million American Depositary Shares (ADSs), representing 190 million ordinary shares.

Shares opened at $15.50 on the first day of trading and reached a high of $17.50, before closing at $16.46. The company has listed on the Nasdaq Global Select Market using the…

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Thierry Heles

Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
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