Same name across the web, this is Maip's Quest!!
Yesterday, Li Auto $LI AUTO-W (02015.HK)$started its Hong Kong IPO. Aunt Mei was out all day reviewing projects and didn’t have time to sit down and update her content, so today she’ll briefly discuss it~
 
First, this time Li Auto is pursuing a dual primary listing, not a secondary listing. But some have asked, does that mean the dual primary listing is more worth subscribing to? After all, not long ago, HUTCHMED, which listed across three exchanges, surged over 50% on its first day!
 
So let’s take a look at this question~
I. Dual Primary Listing VS Secondary Listing?
1. Dual Primary Listing: This refers to a company being listed in two locations, with both markets considered as primary listing venues, having no distinction between primary and secondary.
 
To put it vividly, it's like the same hamburger: if sold inside Disneyland, it costs $86 each; if sold outside Disneyland, it’s $36 each. If I have 100 hamburgers, then inside Disneyland they are worth $8,600, while outside they are worth $3,600. In this way, my hamburgers have different valuations inside and outside Disneyland.
 
Dual primary listing is like taking a portion of the hamburgers to sell inside Disneyland and another portion to sell outside. To avoid unfairness caused by price differences, Disneyland explicitly stipulates that hamburgers inside and outside cannot circulate. If you want to bring a hamburger from outside into Disneyland, it’s definitely not allowed.
 
So, dual listing has these two characteristics:
1) Must meet the securities requirements of both regions simultaneously...