The Chinese start-up said it would issue 100 million shares in the Hong Kong IPO at a maximum price of $19.30 per share

Chinese electric car maker Li Auto has announced plans to raise $1.9bn (£1.4bn) in a secondary listing of its shares in Hong Kong.

Shares in the Tesla rival are already traded on the Nasdaq stock market in New York.

Li Auto is the latest Chinese company to raise money closer to its home country in recent months. The move comes as Chinese firms listed in the US face increasing scrutiny by China and the US.

The six-year old Chinese start-up said it would issue 100 million shares in the Hong Kong initial public offering (IPO) at a maximum price of HK$150 ($19.30) per share.

The firm, which is also known as Li Xiang, said it will offer 10 million shares to Hong Kong investors, with the balance made available to people around the world.

Final pricing of the shares is due to be announced before the end of this week.

The Beijing-based company raised nearly $1.1bn through its Nasdaq listing a year ago.

Li Auto said on Sunday that it delivered 8,589 of its Li One vehicles in July, a monthly record for the firm.

The Li One is the company’s only model currently on the market. It is a plug-in hybrid which has a fuel tank to charge the battery and extend its range although the petrol engine does not directly drive the car’s wheels.

The strong sales numbers come at a time when a recovery in vehicle sales is threatened by the global chip shortage that has forced many car makers to suspend production.

Secondary listings in Hong Kong are becoming increasingly popular amongst Chinese companies as they try to protect themselves from the fallout of the friction between China and the US.