Meituan Dianping and Bytedance were among the shareholders that committed to investing $380m in a concurrent private placement.

Li Auto, a China-based electric vehicle (EV) producer backed by corporates Meituan Dianping, Shougang, Bytedance, InTime, Taiping, Ping An and Leo Group, priced its shares at $11.50 yesterday to raise $1.1bn in its IPO. The company issued 95 million American Depositary Shares (ADSs), representing 190 million ordinary shares. Shares opened at $15.50 on the first…

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