Shares of Chinese electric vehicle manufacturer Li Auto Inc. LI are trading lower after the company said it plans to offer up to $750 million in convertible senior notes due in 2028, subject to market conditions.
The company said it will use the net proceeds from the debt offering for research and development of new vehicle models, including battery electric vehicle models, other R&D, and for working capital as well as other general corporate purposes.
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Shares of several China-based companies at large, including fellow EV maker Nio Inc - ADR NIO, are also trading lower due to concerns of economic policy tightening.
Li Auto is trading lower by 10.16% at 22.94 Wednesday afternoon. Nio is trading lower by 6.02% at $37.59.
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