Skadden is advising Li Auto Inc., a leader in China’s new energy vehicle market, to sell up to an aggregate of US$2,000,000,000 of American depositary shares, each representing two Class A ordinary shares of the company, through an at-the-market equity offering program on the Nasdaq Global Select Market. The transaction was announced on June 28.
The Skadden team was led by partners Haiping Li (Shanghai), Paloma Wang (Hong Kong) and Kai Sun (Hong Kong/Beijing), with associates Peter Pang (Shanghai), Derek Li (Hong Kong) and Tina Ye (Hong Kong), international project manager Daniel Zheng (Shanghai), and staff attorney Chris Lee (Hong Kong).
Skadden advised Li Auto on its US$1.48 billion Nasdaq IPO and concurrent US$380 million private placements in July 2020, its US$1.57 billion follow-on offering in December 2020, its US$862.5 million convertible notes offering in April 2021, as well as its US$1.52 billion offering of Class A ordinary shares and dual-primary listing in Hong Kong in August 2021.
