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According to Sina Technology and Sina Finance, the listing of Lulai Motor in Hong Kong may be postponed until next year. According to people familiar with the matter, it is "unlikely to land on the Hong Kong Stock Exchange" before 2022, mainly because it was questioned about its structure by the Hong Kong Stock Exchange. the inquiry included a user trust fund set up by the company in 2019.

It is understood that when NIO was listed on the New York Stock Exchange in 2018, Li Bin, CEO of NIO, said in an open letter that after long consideration, he would transfer 1/3 of his shares, that is, 50 million shares, to the trust fund, and the economic benefits would be discussed and decided by NIO owners through a certain mechanism. In January 2019, Li Bin set up a user trust fund with 50 million shares of Lvlai shares (including 189253 Class A shares and 49810747 Class C shares) while retaining the right to vote on the shares. According to the articles of association, trust assets are initially 50 million shares, and no more than 5% of the trust assets can be sold in each financial year, while the sale of more than 50 million shares is unrestricted. At present, NIO has not made a profit, and the user trust does not receive a dividend, so the income can only come from the sale of shares. At the offering price of $6.25 per share, the stock had a market capitalization of about $312 million at the time. The market value of the trust fund has also risen as the stock price of Xilai has soared in the past two years. At NIO's current share price of $38.45 per share, the trust fund currently has a market capitalization of $1.9225 billion.

In addition, it is mentioned in the NIO 2020 financial report that the user trust arrangement of NIO is uncertain, which mainly includes part of the equity allocation of Li Bin, and it is uncertain whether the arrangement of user trust will have an impact on finance. According to the user trust charter issued by Li Bin in Lulai APP earlier, the board is composed of eight members and one trust protector, with Li Bin as the trust protector, while Li Bin reserves the voting right of the equity. The user shareholding trust management model and Li Bin continue to hold the right to vote, which may be considered by the HKEx to be irregular.

It is worth noting that in order to raise funds as soon as possible, on Sept. 8, Xilai announced plans to issue no more than $2 billion in American depositary shares. Xilai said it planned to use the net income from the listing to further strengthen its balance sheet and for general corporate purposes, a move that may be related to the postponement of the listing of its Hong Kong shares. A person familiar with the matter said that the sale of depositary shares in the United States could allow Wei to raise money quickly because of the delay in the listing of Hong Kong shares. Or affected by the news, American shares of Xilai fell 6% to $38.14 on Sept. 8. Recently, not only did its share price fall, but its August sales also fell sharply due to chip shortages and supply chain restrictions. The delivery volume in August was only 5880, down 26% from the previous month, falling out of the top three sales of the "new power of car building".

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