Electric vehicle manufacturer Li Auto files for US listing

Chinese electric vehicle maker Li Auto Inc has filed for a US initial public offering on Saturday with a string of leading banks and equity firms including Goldman Sachs and Snowball being underwriters.

According to its prospectus, the company registered a revenue of 850 million yuan ($120 million) and a gross profit of 68 million yuan in the first quarter of this year.

Li Xiang, founder and CEO of Li Auto, said earlier that he hoped to establish a company that has a valuation of up to $100 billion.

Founded in 2015, the EV startup mainly produces smart electric SUVs. Its six-seater Li ONE model went into mass production in November last year and has sold 10,400 units by June.

The fresh deal was co-managed by Snowball, a leading online equity company of Snowball Group. The platform leverages advanced technology to provide investors access to global securities listed on major stock markets.

The active engagement of Snowball into the IPO filing of Li Auto means that Snowball Group officially realized the closed loop of IPO financial services, which ranged from marketing to underwriting.