NEW YORK, Aug. 3, 2020 /PRNewswire/ -- Li Auto Inc.
(NASDAQ: LI) ("Li Auto") rose 43% on its Nasdaq debut on
July 30, joining the growing number
of electric-vehicle manufacturers listed on U.S. exchanges. Tiger
Brokers (NZ) Limited ("TBNZ"), a wholly owned subsidiary of UP
Fintech Holding Limited (NASDAQ: TIGR) (together with other
affiliates of UP Fintech Holding Limited, "UP Fintech") served as
an underwriter in Li Auto's IPO, and in total received subscription
orders of $1.887
billion. Of the subscription orders UP Fintech
received, more than $1 billion came
from institutional investors and $800
million came from retail investors, demonstrating UP
Fintech's unparalleled capability to assist China-based companies raise financing in
overseas markets.
Founded in 2015, Li Auto is an innovator in China's new energy vehicle market. Li Auto
designs, develops, manufactures, and sells premium smart electric
SUVs. Li Auto in total raised $1.1
billion by offering 95 million ADS priced at $11.5 in the IPO, making it the largest IPO by a
Chinese company in the U.S. so far in 2020. The shares closed at
$16.46 on the end of the first
trading day, giving the company a market capitalization of
approximately $13.9 billion.
Serving as an underwriter in Li Auto's IPO, UP Fintech
assisted the issuer on every step of the process. With a
network of more than 500 institutional investors, UP Fintech was
able to assist Li Auto connect with a wide range of global
institutions, building demand for the new issuance. In addition,
the company also engaged with its large retail investor base
through its flagship mobile trading app "Tiger Trade". By providing global
Chinese retail investors the opportunity to participate in Li
Auto's IPO, UP Fintech further enhances its leading market position
as the online broker of choice for global Chinese investors.
UP Fintech started to expand its institutional business,
particularly investment banking and equity underwriting, in the TMT
space in late 2017 and the business continues to grow rapidly. The
firm has now participated in over fifty Chinese ADR IPOs including
many high-profile Chinese Tech IPOs such as e-commerce giant
Pinduoduo (PDD), video streaming platform iQIYI (IQ), and video
sharing website Bilibili (BILI). As of June
30, 2020, a total of 16 Chinese companies had held U.S.
listings this year and UP Fintech participated in eleven of these
IPOs, serving as an underwriter in six of them. UP Fintech
maintains its position as the top U.S. IPO underwriter for
China-based issuers by deal count
among brokerages in both 2019 and H1 2020.
"Being a next-generation investment banking firm specializing in
new economy companies, our corporate services team is able to
assist and advise on all aspects of the IPO from offer structure
and strategy, timing, to equity story and valuation framework.
After a successful listing, UP Fintech also provides a variety of
ongoing corporate services such as support for secondary equity
offerings and ESOP," said Mr. DJ
Guo, Head of Investment Banking and Partner of UP Fintech.
Guo noted that UP Fintech will continue its efforts to expand
its corporate services offerings to more
customers across APAC and the U.S. In June 2020, UP Fintech
participated in Warner
Music's IPO in the U.S., and also served as a joint
bookrunner for the international offering of NetEase's secondary
listing in Hong Kong. In the
future, the firm plans to continue developing its capabilities to
sustain and consolidate its leading position in assisting Chinese
companies, especially TMT companies, raise capital in key global
financial centers.
About UP Fintech Holding
Limited
UP Fintech Holding Limited is a leading online brokerage
firm focusing on global Chinese investors. The Company's
proprietary mobile and online trading platform enables investors to
trade in equities and other financial instruments on multiple
exchanges around the world. The Company offers innovative products
and services as well as a superior user experience to customers
through its "mobile first" strategy, which enables it to better
serve and retain current customers as well as attract new ones. The
Company offers customers comprehensive brokerage and value-added
services, including trade order placement and execution, margin
financing, IPO subscription, ESOP management, investor education,
community discussion and customer support. The Company's
proprietary infrastructure and advanced technology are able to
support trades across multiple currencies, multiple markets,
multiple products, multiple execution venues and multiple
clearinghouses.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other
statements, the business outlook and quotations from management in
this announcement, as well as the Company's strategic and
operational plans, contain forward-looking statements. The Company
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
("SEC") on Forms 20-F and 6-K, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about the Company's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the Company's growth strategies; trends and competition
in global financial markets; the effects of the global COVID-19
pandemic; and governmental policies relating to the Company's
industry and general economic conditions in China and other countries. Further information
regarding these and other risks is included in the Company's
filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and the Company undertakes no obligation to update any
forward-looking statement, except as required under applicable
law.
Li Auto has filed a registration statement (including a
prospectus) with the SEC for the offering. Before you invest, you
should read the prospectus
(https://www.sec.gov/Archives/edgar/data/1791706/000104746920004324/a2242162z424b4.htm)
in that registration statement and other documents the issuer has
filed with the SEC for more complete information about the issuer
and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at www.sec.gov. Alternatively, the
prospectus can also be obtained by sending an email to
srv_prospectus@itiger.com.
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SOURCE UP Fintech Holding Limited