Leidi.com Rakuten September 19
According to equity disclosures on the Hong Kong Stock Exchange, Meituan CEO Wang Xing recently reduced his stake in Li Auto again.
Among them, Wang Xing reduced his holdings by 242,600 shares on September 12, 2023, at an average price of HK$157.8439, and cashed out HK$38.28 million; on September 13, he reduced his holdings by 139,600 shares, at an average price of HK$158.9898, and cashed out HK$22.26 million. On September 14, it reduced its holdings by 700,600 shares at an average price of HK$159.1906 and cashed out HK$111 million. On September 15, it reduced its holdings by 865,100 shares at an average price of HK$160.5056 and cashed out HK$139 million.
This means that Wang Xing cashed out a total of 310 million Hong Kong dollars (approximately 290 million yuan) in four trading days.
Before the reduction, Wang Xing and Meituan held a total of 21.9% of Li Auto's shares. After the reduction, they still held 21.79% of the shares.
This is the second time that Wang Xing has reduced its stake in Li Auto in 2023. In March 2023, Wang Xing also reduced its holdings and cashed out more than HK$400 million.
Wang Xing is the key man of Li Auto and Li Xiang, the founder of Li Xiang. He once reversed the unfavorable situation that Li Auto had faced in one fell swoop.
Among them, in August 2019, Li Auto announced the completion of Series C financing of US$530 million. Wang Xing personally contributed US$300 million to lead the investment, and Li Xiang personally invested US$100 million.
In June 2020, Li Auto received US$550 million in Series D financing, of which US$500 million was led by Meituan and US$30 million was followed by Li Xiang, with a post-money valuation of US$4.05 billion.
During the listing of Li Auto on Nasdaq, Meituan subscribed for US$300 million and Wang Xing subscribed for US$30 million, which means that Meituan and Wang Xing invested US$1.13 billion in Li Auto in one year.
In December 2020, Li Auto issued an additional 47 million ADS. Wang Xing once again participated in the subscription of US$20 million.
Investing in Li Auto has brought huge returns to Wang Xing. As Li Auto's business gradually matures, it is also a reasonable choice for Wang Xing to appropriately reduce his holdings and exit.
Li Auto's closing price today was HK$150.3, down 2.72% from the previous trading day; based on the closing price, the company's market value was HK$299 billion.
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