Maples Group Supports First Cayman Islands Entity to List on Three International Stock Exchanges

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The Maples Group is pleased to have recently supported NIO Inc. ("NIO"), a Cayman Islands incorporated company, on its listing of Class A Ordinary Shares on the Main Board of the Singapore Exchange Securities Trading Limited ("SGX-ST") on 20 May 2022.  Remarkably, NIO is the first Cayman Islands company to be listed on three stock exchanges^[1], following its listing on the New York Stock Exchange ("NYSE") and Main Board of The Stock Exchange of Hong Kong Limited ("HKSE"), the latter of which also occurred in 2022.

NIO is a Chinese multinational automobile manufacturer headquartered in Shanghai, specialising in designing and developing electric vehicles. 

A team of finance lawyers based in the Group's Hong Kong office acted as Cayman Islands counsel to NIO, and was led by Finance Partner, Lorraine Pao and assisted by Finance Associate, Irena Wu.  The Group's Fund Services team comprising Regional Head of Fund Services – Asia, Eastern Fong and Senior Vice President, Christy Poon acted as the Cayman Islands share registrar in respect of shares of NIO listed on SGX-ST.

Commenting on the transaction, Lorraine said, "We are delighted to have supported our long-standing client NIO on each of their strategic investments including their initial public offering, the HKSE secondary listing and now this remarkable third listing. We would like to congratulate NIO on another milestone of success."

Skadden, Arps, Slate, Meagher & Flom LLP, WongPartnership LLP and Han Kun Law Offices acted as legal advisers to NIO as to US law, Singapore law and PRC law respectively. Simpson Thacher & Bartlett, Allen & Gledhill LLP and Commerce & Finance Law Offices acted as legal advisers to the Joint Issue Managers as to US law, Singapore law and PRC law respectively.

The Maples Group has worked with NIO in connection with its 2018 initial public offering of American depositary shares ("ADSs") on the NYSE, its 2020 September and December follow-on offerings of ADSs, its November 2021 US$2 billion at-the-market offerings of ADSs and its March 2022 secondary listing on the HKSE. 

[1] Source from SGX: Listing of NIO - Singapore Exchange (SGX)