Shares of Li Auto, the Chinese electric vehicle maker, surged 6.15% on Wednesday, outperforming the broader market. The stock's rally came after reports that the company has opened a new research and development office in Hong Kong to enhance its computer chip development efforts.
According to reports, Li Auto plans to recruit up to 10 staff members for the Hong Kong facility, which will focus on developing advanced computer chips for its electric vehicles. The move is part of the company's strategy to expand its technological capabilities outside of mainland China and gain a competitive edge in the rapidly growing EV market.
Li Auto already has existing chip development teams in several locations, including Singapore, Beijing, Shanghai, and Silicon Valley in the United States. By establishing a presence in Hong Kong, the company aims to tap into the city's pool of talent and leverage its position as a global financial hub to further its research efforts.
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