By ZHOU Shuqi
SHEN Yanan, President and CEO of EV startup Li Auto, sold 400,000 shares of his stock of the company in HKEX on September 2 and 600,000 shares on September 6, cashing out 91 million yuan (US$13 million), he now holds 1.68 percent of the company’s total shares.
LI Xiang, founder of Li Auto, holds 22.48 percent of the company. WANG Xing, founder and CEO of e-commerce giant Meituan, holds 22.82 percent of the company as the largest shareholder.
Shen, 44, became president of Li Auto in 2015. Before that, he was vice-president of Lenovo in charge of the global supply chain.
The sell-out comes at a time when Li Auto is facing trouble as consumers accuse the company of fraud, claiming those who bought Li ONE before September were overcharged by 20,000 yuan. By Tuesday, 1,755 Li Auto owners had filed complaints.
Delivery of Li Autos is not looking good either. In August, it delivered 4,571 units, down 51.5 percent year on year. The company’s net loss in Q1 this reached 641 million yuan, last year, the figure was only 10.9 million yuan.
