Source Code Capital portfolio company Li Auto was successfully listed on the main board of Hong Kong Exchanges and Clearing Limited today.
On August 12, 2021, Chinese EV maker Li Auto announced the successful listing of its Class A ordinary shares on the main board of Hong Kong Exchanges and Clearing Limited (stock code: 2015).
IPO celebration ceremony
On August 12, 2021, Li Auto, a Chinese new energy vehicle manufacturer, announced the successful listing of its Class A ordinary shares on the Main Board of the Hong Kong Exchanges and Clearing Limited (stock code: 2015).
In July 2021, Li Auto delivered 8,589 Li ONE vehicles, a year-over-year increase of 251.3%, with monthly deliveries exceeding 8,000 units for the first time — a new record. As of July 31, 2021, total deliveries for 2021 had reached 38,743 units, with cumulative deliveries hitting 72,340 units.
Xingshi Wang, Partner at Source Code Capital, said, "We are thrilled to see Li Auto list on the Main Board of the Hong Kong Exchanges today. As one of Li Auto's earliest institutional investors, Source Code Capital was a major participant in the company's Series A round and has continued to increase our investment across multiple subsequent rounds."
"The automotive industry reflects a nation's comprehensive industrial strength. New energy intelligent vehicles represent an era-defining innovation at the intersection of automotive manufacturing and information technology, aligning with the development direction of new energy infrastructure and fulfilling people's aspirations for a better living space. The Li ONE, which the Li Auto team spent five years developing, has achieved outstanding results since its launch, earning the trust and support of users and partners alike. We believe Li Auto will continue to introduce environmentally friendly, technologically advanced products that satisfy users and create lasting, genuine value," Wang said.
"Create a mobile home, create a happy home" is Li Auto's mission. Driven by this mission, Li Auto is committed to building products that satisfy every family user. In 2022, Li Auto will launch its first product on the X platform — a full-size luxury extended-range electric SUV — followed by two additional SUVs on the X platform in 2023. Li Auto is also developing pure electric vehicle technology, including two platforms for high-voltage pure electric models: Whale and Shark. Starting in 2023, Li Auto will introduce at least two new high-voltage pure electric models annually.
Li Auto believes that energy replenishment for new energy vehicles must be as convenient and efficient as refueling gasoline vehicles. Therefore, whether through extended-range electric solutions or high-voltage pure electric solutions, the company aims to provide users with an energy replenishment experience that matches the convenience and efficiency of gasoline vehicles. To achieve this goal, Li Auto plans to deploy a high-power charging network consisting of ultra-fast charging stations to ensure a seamless charging experience.
On the intelligence front, the 2021 Li ONE currently on sale comes standard with the full-stack self-developed Li AD advanced driver-assistance system, featuring two Horizon Robotics Journey 3 autonomous driving-dedicated chips and five Bosch Group fifth-generation millimeter-wave radars. Li Auto has always believed that a family's safety should be standard, not optional. Accordingly, starting in 2022, all new models will come standard with self-developed L4 autonomous driving hardware and software, with continuous optimization of the autonomous driving system. Additionally, in terms of intelligent cockpit technology, the company will pioneer the development of spatial intelligence technologies to bring smart services to every family member in the vehicle.
Li Auto stated: "This listing on the Hong Kong Exchanges and the global offering strategically broaden our capital channels, expand our investor base, and further strengthen our ability to scale up, increase innovation, and enter new markets. As electric vehicles become more prevalent, we are excited to lead this unprecedented opportunity with our industry-leading technological innovation and product strength. We are pleased with today's listing and will remain focused on our strategy to achieve sustainable growth, consistently leveraging technology to create value for users."
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