Nio plans to place its shares in Singapore. This will be the third location of the Chinese electric car manufacturer after its IPO in New York and the secondary listing in Hong Kong.

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Former president Donald Trump in 2020, passed a law requiring foreign companies listed on the U.S. to meet higher auditing standards. Those who did not follow the rules could be excluded.

To mitigate the risk of delisting, large Chinese companies listed in the US – for example Alibaba, and others conducted secondary listings, mostly in Hong Kong.

But Nio’s move to third place, particularly in Singapore, is a unique move that many other Chinese firms have yet to follow.

Rivals Nio Xpeng and Lee Auto have both listed stocks in Hong Kong via the so-called double main list.

Correction: This story has been updated to correctly reflect that Xpeng and Li Auto have double major lists in Hong Kong. The previous version of the story misrepresented these lists.

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