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Business trends

Li Auto raises $1.1bn in US as China's EV startups race to IPO

Inspired by Tesla, companies see chance to beef up balance sheets

Li Auto's initial public offering on Nasdaq raised $1.1 billion. (Photo by Yusuke Hinata)

HONG KONG -- Chinese electric vehicle startup Li Auto has made a successful U.S. stock market debut, a move expected to lead rivals to follow suit as they seek to capitalise on investor interest in Tesla and beef up balance sheets to face industry headwinds.

Beijing-based Li Auto raised a higher-than-expected $1.1 billion to support new production facilities and research in an initial public offering on Nasdaq Thursday. Its shares soared 43.1% on debut to close at $16.46 per share compared with an offer price of $11.50.

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