China’s Li Auto Inc. (NASDAQ:LI) established its overseas headquarters in Hong Kong earlier this year, the company said on Thursday, tapping the region’s status as a global financial center and technology hub to support its international expansion.
Hong Kong HQ To Serve Multiple Functions
In a press release published on Thursday by the Hong Kong Government's Foreign Direct Investment department, Invest Hong Kong, Li Auto said that the expansion would help its global R&D efforts, as well as international supply chain operations.
Li Auto will also use the HQ as a hub for investment and capital management activities and also to export intellectual property overseas, the press release said.
"Hong Kong has world-class scientific research talents, a vibrant capital market, and a legal system that is in line with international standards," Li Shujing, Assistant Director of the Investment Department, said, adding that it was the preferred gateway for mainland Chinese enterprises to expand overseas.
Li Auto's $35,000 Electric SUV, Nio's Lawsuit
Li Auto recently announced its new model, the Li i6, a five-seat battery electric SUV for the Chinese market, retailing for 249,800 Yuan (approximately $35,020) for the standard trim.
The SUV offers 447 miles of range through its 87.3 kWh battery pack and rivals Tesla Inc.'s (NASDAQ:TSLA) Model Y, which was recently named as one of the 21st century's greatest inventions by TIME magazine.
Meanwhile, Nio Inc. (NYSE:NIO) faces a lawsuit filed by Singaporean Wealth Fund GIC Pvt. Ltd. in the New York Southern District Court over allegations that the Chinese automaker had inflated its revenue.
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Disclaimer: The original press release was in Chinese
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