Li Auto filed for a placement of 47 million ADSs, according to an SEC filing, putting further pressure on the EV maker's already declining stock price.
Li Auto said the funds will be used to develop next-generation electric vehicle technologies, including high-voltage platforms, batteries, and fast charging technologies, as well as next-generation BEV platforms and future vehicle models.
In addition, the funds will be used for automated driving technologies and solutions, as well as for general corporate purposes.
Goldman Sachs (Asia) L.L.C., UBS Securities LLC, and China International Capital Corporation Limited Hong Kong Securities Limited will act as joint book-runners for the proposed ADS offering.
In Wednesday's pre-market trading session, Li Auto continued to decline and is now down nearly 10%.