Li Auto’s Hong Kong shares fell on Wednesday after Chinese media reports showed Meituan founder Wang Xing, who is a major shareholder in the electric vehicle maker, further trimmed his stake in the firm.
Li Auto (NASDAQ:LI) fell 4.4% in Hong Kong trade to HK$103.80, compared to a 1.2% drop in the broader Hang Seng index.
Chinese media reports showed Xing had sold about HK$650 million ($82.8 million) worth of Li Auto shares between June 10 and June 13, putting his shareholding percentage in the EV maker at 20.61%. Xing still remained the second-largest shareholder in Li Auto after founder Li Xiang.
Xing’s sales were likely driven by a rebalancing of his personal portfolio, although the Meituan Chair has steadily cut his holdings in the EV maker since the first quarter of 2023.
Li Auto’s shares are trading up about 11% so far in 2025. The company recently reported strong first-quarter revenue, although its profit was dented by a bitter price war between China’s biggest EV makers.
