Chinese startup Li Auto passed the hearing for the floating at Hong Kong Exchanges and Clearing Limited on Monday, the Paper reported.

Li Auto's prospectus showed its first quarter revenue stood at 3.58 billion yuan ($551.27 million), with the total revenue rising from 284 million yuan in 2019 to 9.57 billion yuan in 2020; the selling cost in Q1 of 2021 was 2.96 billion yuan, with the total selling cost increasing from 285 million yuan in 2019 to 7.83 billion yuan in 2020.

The first and only model of Li Auto – Li ONE went into mass production in Nov 20, 2019, and over 60,000 units have been delivered until June 30, 2021.

The prospectus showed Li Auto relies on revenue from the solo model that largely decides the sales of the carmaker. In addition, Li Auto faces many uncertainties including technology upgrading, profitability and supply chain.

The prospectus also showed, Li Auto is developing a new extended-range electric vehicle platform based on which its first extended-range electric SUV model is set to be rolled out in 2022 and another two SUV models in 2023.

Li Auto is also developing Whale and Shark, two high-voltage fully electric vehicle platforms, according to the prospectus. From 2023, the carmaker plans to roll out at least two high-voltage fully electric vehicle models every year.

Li Auto promised, "From 2022, all our new models will be mounted with self-developed hardware that is compatible with Level 4 auto driving as standard."

The prospectus announced the latest holdings of Li Auto. Amp Lee Ltd under Li Xiang, president and CEO of Li Auto, holds 23.79 percent of shares with up to 75.74 percent voting rights; Inspired Elite Investments Ltd under Meituan holds 13.23 percent shares with 4.21 percent voting rights; Zijin Global Inc of Wang Xingqi, the founder of Meituan, holds 6.76 percent shares and a 2.15-percent voting rights; Rainbow Six Limited, belonging to an independent director of Li Auto, owns 4.46 percent of the shares and 1.42 percent of the voting rights.