By P.R. Venkat


Chinese electric car maker NIO Inc. is planning a secondary listing of its American Depository Receipts in Singapore, a move to expand its investor base in one of Asia's financial centers.

The company has received a conditional eligibility-to-list letter from the Singapore Exchange, NIO said Friday.

"An introductory document relating to the proposed secondary listing by way of introduction of the shares on the main board of the SGX-ST is targeted to be issued later this month," it said.

Upon listing, the shares will be fully fungible with the NYSE-listed ADRs.

NIO and other Chinese firms have been identified by the U.S. Securities and Exchange Commission as not able to meet a regulatory requirement relating to auditors.

The SEC has identified these companies under the Holding Foreign Companies Accountable Act, which requires companies to have auditors who can be inspected by the U.S. Public Company Accounting Oversight Board.

U.S. regulators are seeking to prohibit trading in securities of companies whose auditors can't be inspected by the PCAOB for three years in a row.

In a statement Thursday, the EV maker said that it continues to comply with applicable laws and regulations in both China and the U.S., and will strive to maintain its listing status on both the NYSE and the Hong Kong Stock Exchange.


Write to P.R. Venkat at venkat.pr@wsj.com


(END) Dow Jones Newswires

05-05-22 2059ET